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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. $ 2,635,000 1,152,000 1,760,000 4,702,500 1,079,200 1,245,000 8,966,000 667,000 1,652,000 1,379,500 552,000 63,200 506,300 225,400 794,100 759,250 640,880 22,664,920 225,600 413,250 406,700 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 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement.

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. $ 2,635,000 1,152,000 1,760,000 4,702,500 1,079,200 1,245,000 8,966,000 667,000 1,652,000 1,379,500 552,000 63,200 506,300 225,400 794,100 759,250 640,880 22,664,920 225,600 413,250 406,700 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 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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. $ 2,635,000 1,152,000 1,760,000 4,702,500 1,079,200 1,245,000 8,966,000 667,000 1,652,000 1,379,500 552,000 63,200 506,300 225,400 794,100 759,250 640,880 22,664,920 225,600 413,250 406,700 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 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement.
Transcribed Image Text: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. $ 2,635,000 1,152,000 1,760,000 4,702,500 1,079,200 1,245,000 8,966,000 667,000 1,652,000 1,379,500 552,000 63,200 506,300 225,400 794,100 759,250 640,880 22,664,920 225,600 413,250 406,700 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 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement.
Complete this question by entering your answers in the tabs below. COGM and Income Stmt COGS Stmts Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Manufacturing costs: Direct materials: Manufacturing overhead: Total overhead Total manufacturing costs Total cost of work-in-process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold (to income statement)
Transcribed Image Text:Complete this question by entering your answers in the tabs below. COGM and Income Stmt COGS Stmts Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Manufacturing costs: Direct materials: Manufacturing overhead: Total overhead Total manufacturing costs Total cost of work-in-process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold (to income statement)
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