QUESTION 1 Instructions: Using the information below, prepare an income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Big Products Corp: Direct materials purchased during the year $439,000 January 1 December 31 Indirect materials $9,000 Supervisor's salaries $31,000 Factory maintenance $35,000 Operating expenses $70,000 Direct materials inventory Work-in-process inventory $19,000 $68,000 47,000 28,000 Direct labor $125,000 Sales $720,000 Finished goods inventory 18,000 32,000
QUESTION 1 Instructions: Using the information below, prepare an income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Big Products Corp: Direct materials purchased during the year $439,000 January 1 December 31 Indirect materials $9,000 Supervisor's salaries $31,000 Factory maintenance $35,000 Operating expenses $70,000 Direct materials inventory Work-in-process inventory $19,000 $68,000 47,000 28,000 Direct labor $125,000 Sales $720,000 Finished goods inventory 18,000 32,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QUESTION 1
Instructions:
Using the information below, prepare an income statement, a schedule of cost of goods sold, and a schedule of
finished goods manufactured.
The following balances are from the accounts of Big Products Corp:
Direct materials purchased during the year
$439,000
January 1
December 31
Indirect materials
$9,000 Supervisor's salaries
$31,000
Factory maintenance
$35,000
Operating expenses
$70,000
Direct materials inventory
Work-in-process inventory
$19,000
$68,000
47,000
28,000
Direct labor
$125,000
Sales
$720,000
Finished goods inventory
18,000
32,000
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