Reference no: EM132832125
Question - The following data pertain to Spartan Products Company:
Sales revenue $2,050,000
Materials inventory, Jan. 1 27,000
Direct labor-wages 385,000
Depreciation expense-plant and equipment 87,000
Indirect labor-wages 12,000
Heat, light, and power-plant 15,500
Supervisor's salary-plant 47,000
Finished goods inventory, Jan. 1 38,500
Work-in-process inventory, Dec. 31 28,500
Supplies-administrative office 7,400
Property taxes-plant 27,000
Finished goods inventory, Dec. 31 47,000
Materials inventory, Dec. 31 33,500
Sales representatives' salaries 295,000
Work-in-process inventory, Jan. 1 42,000
Materials purchases 184,000
Supplies-plant 6,800
Depreciation-administrative office 40,500
Required - Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.