East Ferry Tool & Die, a manufacturer of parts for agricultural equipment, provides the following financial information for the most recent fiscal year (all costs are in thousands of dollars): (5000) Inventories: As of January 1: Direct materiale Work-in-process Finished goods As of December 31: Direct materiale Work-in-process Finished goods Other amounts (for the year): Administrative coste Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. $247 258 824 East Ferry Tool & Die Income Statement For the Year Ended December 31 ($000) $254 249 843 Total marketing and administrative costs 3,540 5.546 6.674 3.558 852 5.951 1,184 1,435 1,156 Complete this question by entering your answers in the tabs below. 833 481 40,234 COGS Stmt Income Stmt Prepare an income statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).

East Ferry Tool & Die, a manufacturer of parts for agricultural equipment, provides the following financial information for the most recent fiscal year (all costs are in thousands of dollars): (5000) Inventories: As of January 1: Direct materiale Work-in-process Finished goods As of December 31: Direct materiale Work-in-process Finished goods Other amounts (for the year): Administrative coste Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. $247 258 824 East Ferry Tool & Die Income Statement For the Year Ended December 31 ($000) $254 249 843 Total marketing and administrative costs 3,540 5.546 6.674 3.558 852 5.951 1,184 1,435 1,156 Complete this question by entering your answers in the tabs below. 833 481 40,234 COGS Stmt Income Stmt Prepare an income statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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