Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

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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