Inventories Materials January 1 December 31 $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 $ 69,000 22,750 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: A. Prepare the 2018 statement of cost of goods manufactured. B. Prepare the 2018 income statement.* 14,860 184,350 5,950 24,600 122,200 77,750 4,170 13,200 6,675 862,000 138,500 5,000 5,280

Inventories Materials January 1 December 31 $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 $ 69,000 22,750 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: A. Prepare the 2018 statement of cost of goods manufactured. B. Prepare the 2018 income statement.* 14,860 184,350 5,950 24,600 122,200 77,750 4,170 13,200 6,675 862,000 138,500 5,000 5,280

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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