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.