Reference no: EM13747703
Given the following information create both an income statement and a schedule of cost of goods manufactured; assuming the company uses actual costing:
Administrative salaries $350,000
Depreciation – Factory $125,000
Depreciation – Machinery $100,000
Depreciation – Office $105,000
Direct Labor – Wages $180,000
Direct Materials – Beginning Balance $40,000
Direct Materials – Ending Balance $25,000
Finished Goods Inventory – Beginning Balance $130,000
Finished Goods Inventory – Ending Balance $115,000
Indirect Labor – Salaries and Wages $50,000
Maintenance – Factory $20,000
Property Taxes – Office $15,000
Property Taxes – Factory $10,000
Purchases of Direct Materials $200,000
Revenues $1,350,000
Supervisor’s Salary $60,000
Utilities – Office $15,000
Utilities – Factory $35,000
Work in Process – Beginning Balance $20,000
Work in Process – Ending balance $30,000
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