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$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089,200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 650,880 22,674,920 235,600 423, 250 416,700 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31

$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089,200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 650,880 22,674,920 235,600 423, 250 416,700 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter8: Investing Activities
Section: Chapter Questions
Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....
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Question

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.

a. Prepare a cost of goods manufactured and sold statement.

b. Prepare an income statement.

 

 

$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089, 200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 650,880 22,674,920 235,600 423,250 416,700
Transcribed Image Text:$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089, 200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 650,880 22,674,920 235,600 423,250 416,700
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