they produced 20,000 pieces of furniture were produced? 3. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? Advertising expense $ 85,000 Amortization expense Patents -$16,000 Special Design Cost -$10,000 Bad Debts expense -$28,000 Depreciation expense – Office equipment -$37,000 Depreciation expense – Factory Building -$133,000 Depreciation expense – Factory equipment -$78,000 Direct Labour -$250,000 Factory insurance expired - $62,000 Factory supervision - $74,000 Factory supplies used - $21,000 Factory Utilities -$115,000 Finished goods inventory, Jan 1 2008 -$15,000 Finished goods inventory, Dec 31 2008 -$12,500 Work in process inventory, Jan 1 2008 - $8,000 Work in process inventory, Dec 31 2008 -$9,000 Indirect labour - $26,000 Interest expense -$25,000
From the information provided below, find the following solutions:
1. An Income Statement
2. What is the unit cost of Woods corporation if they produced 20,000 pieces of furniture were produced?
3. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business?
Advertising expense $ 85,000
Amortization expense Patents -$16,000
Special Design Cost -$10,000
Depreciation expense – Factory Building -$133,000
Depreciation expense – Factory equipment -$78,000
Direct Labour -$250,000
Factory insurance expired - $62,000
Factory supervision - $74,000
Factory supplies used - $21,000
Factory Utilities -$115,000
Finished goods inventory, Jan 1 2008 -$15,000
Finished goods inventory, Dec 31 2008 -$12,500
Work in process inventory, Jan 1 2008 - $8,000
Work in process inventory, Dec 31 2008 -$9,000
Indirect labour - $26,000
Interest expense -$25,000
Miscellaneous expense -$55,000
Property taxes on factory equipment -$14,000
Raw materials inventory, Jan 1 2008 - $60,000
Raw materials inventory, Dec 31 2008 -$78,000
Raw materials purchases -$313,000
Repairs expense – factory equipment -$31,000
Salaries expense -$150,000
Sales - $1,630,000
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