Reference no: EM132961565

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

Advertising expenses $ 156,000

Depreciation expense-administrative office 77,400

Depreciation expense-plant and equipment 326,000

Depreciation expense-delivery trucks 49,200

Materials inventory, beginning 22,000

Materials inventory, ending 27,000

Direct materials purchases 440,000

Direct labor 536,000

Indirect labor 281,000

Finished goods inventory, beginning 56,200

Finished goods inventory, ending 45,400

Insurance on plant 35,600

At and light for plant 24,400

Repairs on plant building 39,000

Supervisor's salary-plant 99,800

Supplies-plant 133,200

Supplies-administrative office 79,800

Work-in-process inventory, beginning 34,000

Work-in-process inventory, ending 41,400

Sales representatives' salaries 328,000

Sales revenue 3,010,000

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