Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business
Section: Chapter Questions
Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...
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Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost
accountant provides you with the following data for the year (in $000):
Inventory information:
Direct materials
Work-in-process
January 1 December 31
$ 167
223
2,931
$ 185
197
3,278
Finished goods
Other information:
Administrative costs
Depreciation (Corporate building)
For the year
$ 6,904
667
Depreciation (Factory)
8,015
Depreciation (Factory machines).
14,242
Direct labor
20,267
Direct materials purchased
14,160
Indirect labor (Factory)
4,994
Indirect materials (Factory)
1,434
Property taxes (Corporate building)
155
Property taxes (Factory)
541
Selling costs
3,224
Sales revenue
71,027
Utilities (Factory)
1,512
Required:
a. Prepare a cost of goods sold statement.
b. Prepare an income statement.
Complete this question by entering your answers in the tabs below.
COGS
statement
Income
statement
Prepare a cost of goods sold statement.
Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).
Transcribed Image Text:Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).
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