Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $83 Work-in-process inventory 112 Finished goods inventory 1,600 Information for the year: Administrative costs $3,620 Direct labor 12,600 Direct materials purchases 8,260 Factory and machine depreciation 11,530 Factory supervision 764 Factory utilities 962 Indirect factory labor 2,890 Indirect materials and supplies 678 Marketing costs 1,500 Property taxes on factory 293 Sales revenue 45,600 Information on December 31 (Ending): Direct materials inventory $99 Work-in-process inventory 140 Finished goods inventory 1,450 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $83 Work-in-process inventory 112 Finished goods inventory 1,600 Information for the year: Administrative costs $3,620 Direct labor 12,600 Direct materials purchases 8,260 Factory and machine depreciation 11,530 Factory supervision 764 Factory utilities 962 Indirect factory labor 2,890 Indirect materials and supplies 678 Marketing costs 1,500 Property taxes on factory 293 Sales revenue 45,600 Information on December 31 (Ending): Direct materials inventory $99 Work-in-process inventory 140 Finished goods inventory 1,450 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

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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