Please do not give solution in image format thanku Problem 2.35 Cost of Goods Manufactured, Income StatementOrman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Ormanreported the following:hindWork-in-process inventory, January 1Work-in-process inventory, December 31Finished goods inventory, January 1Finished goods inventory, December 31Direct materials inventory, January FDirect materials inventory, December 31Direct materials purchased-Direct laborPlant depreciationSalary, production supervisorIndirect labor-Utilities, factory_Sales commissionsSalary, sales supervisorDepreciation, factory equipmentAdministrative expensesSupplies (40% used in the factory, 60% used in thesales office)Advertising expense$ 13,25028,250113,00085,0003,4502,700183,750138,00019,50047,00068,30015,70042,00075,00032,000168,00018,00043,600Last year, Orman produced 89,000 units and sold 90,500 units at $10.50 per unit.Required:1. Prepare a statement of cost of goods manufactured.2. Prepare an absorption-costing income statement.

The income statement is prepared to record the revenue and expenses of the current period. It tells…

Problem 2.35 Cost of Goods Manufactured, Income Statement Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, C reported the following: Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January Direct materials inventory, December 31 Direct materials purchased- Direct labor M Plant depreciation $ 13,250 28,250 113,000 85,000 3,450 2,700 183,750 138,000 19,500 47.000

Problem 2.35 Cost of Goods Manufactured, Income Statement Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, C reported the following: Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January Direct materials inventory, December 31 Direct materials purchased- Direct labor M Plant depreciation $ 13,250 28,250 113,000 85,000 3,450 2,700 183,750 138,000 19,500 47.000

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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