Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008 ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008 iii) What is the unit product cost if Synder manufactured 3,000 lamps for the year?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Synder Corp., a lamp manufacturer, provide the following information for the year ended December 2008:

Inventories                              Beginning                              Ending

Materials                                 $50,000                                   $25,000

Work in process                      $100,000                                 $65,000

Finished goods                        $ 40,000                                  $43,000

Other information:

 Depreciation: Plant Building & Equipment $15,000                 Repairs & maint- plant      $5,000

Materials purchases                                   $155,000                    Indirect Labour             $30,000

Insurance on plant                                     $20,000                      Direct Labour              $120,000

Sales salaries expense                             $48,000                       Admin Expense           $52,000

                                                                                                     Sales Revenue             $550,700

Requirements:

  1. i) Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008
  2. ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008

iii) What is the unit product cost if Synder manufactured 3,000 lamps for the year?

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