The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $436,200 Work in process 632,000 590,800 Finished goods 606,200 574,000 December 31 Advertising expense $ 295,400 Depreciation expense-office equipment 43,800 Depreciation expense-factory equipment 56,340 Direct labor 669,400 Heat, light, and power-factory 22,220 Indirect labor 77,000 Materials purchased 659,200 Office salaries expense 185,300 Property taxes-factory 18,500 Property taxes-office building 31,600 Rent expense-factory 33,000 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,700 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred in 20Y8 Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8

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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The following information is available for Robstown Corporation for 20Y8:

Inventories	January 1	December 31
Materials	$352,000	$436,200
Work in process	632,000	590,800
Finished goods	606,200	574,000

	December 31
Advertising expense	$ 295,400
Depreciation expense-office equipment	43,800
Depreciation expense-factory equipment	56,340
Direct labor	669,400
Heat, light, and power-factory	22,220
Indirect labor	77,000
Materials purchased	659,200
Office salaries expense	185,300
Property taxes-factory	18,500
Property taxes-office building	31,600
Rent expense-factory	33,000
Sales	3,015,000
Sales salaries expense	418,000
Supplies-factory	15,200
Miscellaneous costs-factory	9,700

Required:

a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.*

b. Prepare the 20Y8 income statement.

*Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries

Amount Descriptions
Advertising expense
Cost of direct materials used in production
Cost of finished goods available for sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available for use
Depreciation expense-factory equipment
Depreciation expense-office equipment
Direct labor
Finished goods inventory, December 31, 20Y8
Finished goods inventory, January 1, 20Y8
Gross profit
Heat, light, and power-factory
Indirect labor
Materials inventory, December 31, 20Y8
Materials inventory, January 1, 20Y8
Miscellaneous costs-factory
Net income
Office salaries expense
Property taxes-factory
Property taxes-office building
Purchases
Rent expense-factory
Sales
Sales salaries expense
Supplies-factory
Total manufacturing costs incurred in 20Y8
Total operating expenses
Work in process inventory, December 31, 20Y8
Work in process inventory, January 1, 20Y8

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