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Prepare a statement of cost of goods manufactured

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Reference no: EM133036453

Question - Walk-Toki Manufacturing Company is a producer of music compact discs (CDs) and tapes. The following account balances are for the year ended December 31, 2020

Administrative expenses $60,000

Depreciation expense - Manufacturing equipment $50,000

Direct labor $468,000

Manufacturing supplies expense $40,000

Indirect labor $36,000

Beginning inventories, January 1:

Direct materials $14,000

Work in process $20,000

Finished goods $128,000

Ending inventories, December 31:

Direct materials $44,000

Work in process $56,000

Finished goods $92,000

Direct materials purchases $216,000

Rent expense - Factory $28,000

Sales $1,400,000

Selling expense $72,000

Other manufacturing overhead $126,000

Required -

(i) Prepare a statement of cost of goods manufactured for Walk-Toki Manufacturing Company for the year ended December 31.

(ii) Prepare an income statement for the year ended December 31, 2020.

Reference no: EM133036453

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