Prepare a schedule of cost of goods manufactured for 2019. (b) Prepare a schedule of cost of goods sold for 2019. (c) Prepare an income statement for 2019.
Smith Corporation had the following activities during 2020:
|
Raw Materials: |
|
|
Inventory, Jan. 1, 2019 |
$2,000,000 |
|
Purchases of Raw Materials |
3,018,000 |
|
Inventory, Dec. 31, 2019 |
2,010,000 |
|
Direct Manufacturing Labor |
1,080,000 |
|
Utilities: Plant |
500,000 |
|
|
400,000 |
|
Indirect Materials |
300,000 |
|
Indirect Labor |
1,050,000 |
|
Other Manufacturing |
600,000 |
|
Sales Revenues |
9,250,000 |
|
Selling and Administrative Expenses |
1,050,000 |
|
Income Tax Rate |
30% |
|
Work-in-process Inventory, Dec. 31, 2016 |
1,020,000 |
|
Work-in-process Inventory, Jan. 1, 2019 |
604,000 |
|
Finished Goods Inventory, Jan. 1, 2019 |
800,000 |
|
Finished Goods Inventory, Dec. 31, 2019 |
1,050,000 |
Required:
(a) Prepare a schedule of cost of goods manufactured for 2019.
(b) Prepare a schedule of cost of goods sold for 2019.
(c) Prepare an income statement for 2019.
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