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.

Name: Hello, I need help solving this accounting problem. Koufax Materials C
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Description: Hello, I need help solving this accounting problem. Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has producedthe following information for the year ended December 31.$ 2,635,0001

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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