Reference no: EM132827847
Question - Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage.
Advertising expenses $160,000
Depreciation expense-administrative office 79,000
Depreciation expense-plant and equipment 330,000
Depreciation expense-delivery trucks 52,000
Materials inventory, beginning 26,000
Materials inventory, ending 33,000
Direct materials purchases 460,000
Direct labor 552,000
Indirect labor 289,000
Finished goods inventory, beginning 57,000
Finished goods inventory, ending 47,000
Insurance on plant 38,000
Heat and light for plant 26,000
Repairs on plant building 41,000
Supervisor's salary-plant 101,000
Supplies-plant 134,000
Supplies-administrative office 81,000
Work-in-process inventory, beginning 36,000
Work-in-process inventory, ending 43,000
Sales representatives' salaries 330,000
Sales revenue 3,093,000
Required - Create a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.