The following data pertain to Spartan Products Company: Sales revenue S 2,050,000 Materials inventory, January 1 27,000 Direct labor-wages 385,000 Depreciation expense- plant and equipment 87,000 Indirect labor-wages 12,000 Heat, light, and power-plant 15, 500 Supervisor's salary-plant 47,000 Finished goods inventory, January 138,500 Work-in-process inventory, December 31 28, 500 Supplies-administrative office 7, 400 Property taxes-plant 27,000 Finished goods inventory, December 31 47,000 Materials inventory, December 31 33,500 Sales representatives' salaries 295,000 Work-in- process inventory, January 1 42,000 Materials purchases 184,000 Supplies-plant 6,800 Depreciation-administrative office 40,500 Required: Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.

The following data pertain to Spartan Products Company: Sales revenue S 2,050,000 Materials inventory, January 1 27,000 Direct labor-wages 385,000 Depreciation expense- plant and equipment 87,000 Indirect labor-wages 12,000 Heat, light, and power-plant 15, 500 Supervisor's salary-plant 47,000 Finished goods inventory, January 138,500 Work-in-process inventory, December 31 28, 500 Supplies-administrative office 7, 400 Property taxes-plant 27,000 Finished goods inventory, December 31 47,000 Materials inventory, December 31 33,500 Sales representatives' salaries 295,000 Work-in- process inventory, January 1 42,000 Materials purchases 184,000 Supplies-plant 6,800 Depreciation-administrative office 40,500 Required: Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.

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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