The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114,000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current
December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000
Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and
administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000
Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost
of goods manufactured and an income statement for the current year for Babor Company.
Transcribed Image Text:The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
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