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Prepare a statement of retained earnings for the year

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Reference no: EM132725301

Problem - Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 10-column work sheet is presented below. Mastery Problem Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows:

Finished goods inventory, January 1 $85,454

Materials inventory, January 1 11,633

Purchases for the year 96,437

Direct labor 107,740

Work in process inventory, January 1 22,600

Indirect materials charged to production 3,200

Required - Prepare a statement of retained earnings for the year ended December 31, 20--.

Reference no: EM132725301

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