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.