Reference no: EM132725300
Problem - Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 10-column work sheet is presented below. Mastery Problem Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows:
Finished goods inventory, January 1 $85,454
Materials inventory, January 1 11,633
Purchases for the year 96,437
Direct labor 107,740
Work in process inventory, January 1 22,600
Indirect materials charged to production 3,200
Required - Make an income statement and schedule of cost of goods manufactured for the year ended December 31, 20--.
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