The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 197,500 Direct labor 130,250 Indirect labor 51,500 Factory insurance 9,300 Depreciation-factory 36,250 Repairs and maintenance-factory 14,900 Marketing expenses 148,550 General and administrative expenses 87,950 Materials inventory $ 29,500 64,750 Work-in-Process inventory 16,250 18,600 Finished Goods inventory 18,300 24,400 Sales in the current year were $660,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.

The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 197,500 Direct labor 130,250 Indirect labor 51,500 Factory insurance 9,300 Depreciation-factory 36,250 Repairs and maintenance-factory 14,900 Marketing expenses 148,550 General and administrative expenses 87,950 Materials inventory $ 29,500 64,750 Work-in-Process inventory 16,250 18,600 Finished Goods inventory 18,300 24,400 Sales in the current year were $660,000. 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

Section: Chapter Questions

Problem 1Q

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