Reference no: EM132833140

Question - Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage.

Advertising expenses $152,000

Depreciation expense-administrative office 75,800

Depreciation expense-plant and equipment 322,000

Depreciation expense-delivery trucks 46,400

Materials inventory, beginning 18,000

Materials inventory, ending 21,000

Direct materials purchases 420,000

Direct labor 520,000

Indirect labor 273,000

Finished goods inventory, beginning 55,400

Finished goods inventory, ending 43,800

Insurance on plant 33,200

Heat and light for plant 22,800

Repairs on plant building 37,000

Supervisor's salary-plant 98,600

Supplies-plant 132,400

Supplies-administrative office 78,600

Work-in-process inventory, beginning 32,000

Work-in-process inventory, ending 39,800

Sales representatives' salaries 326,000

Sales revenue 2,927,000

Required - Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.