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Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the sam 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. (Thousands of dollars) Administrative costs Total building depreciation Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor Maintenance on plant machinery Marketing costs Operating profit Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 250 580 24 29 1,579 89 234 149 129 798 92 164 76 5,900 126 89 119 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement.

Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the sam 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. (Thousands of dollars) Administrative costs Total building depreciation Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor Maintenance on plant machinery Marketing costs Operating profit Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 250 580 24 29 1,579 89 234 149 129 798 92 164 76 5,900 126 89 119 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement.

FINANCIAL ACCOUNTING
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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Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. (Thousands of dollars) Administrative costs Total building depreciation Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor Maintenance on plant machinery Marketing costs Operating profit Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 250 580 24 29 1,579 89 234 149 129 798 92 164 76 5,900 126 89 119 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement.
Transcribed Image Text:Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. (Thousands of dollars) Administrative costs Total building depreciation Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor Maintenance on plant machinery Marketing costs Operating profit Other plant overhead Plant supervision and administration Plant supplies and indirect materials Sales revenue Taxes on manufacturing property Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 250 580 24 29 1,579 89 234 149 129 798 92 164 76 5,900 126 89 119 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement.
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