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Jean and Tom Perritz own and manage Happy Home Helpers Inc. (HHH), a housecleaning service. Each cleaning (cleaning one house one time) takes a team of threehouse cleaners about 1.5 hours. On average, HHH completes about 15,000 cleaningsper year. The following total costs are associated with the total cleanings:
Direct Materials
$ 27,000
Direct Labor
472,500
Variable Overhead
15,000
Fixed overhead
18,000
Next year, HHH expects to purchase $25,600 of direct materials. Projected beginningand ending inventories for direct materials are as follows:
Direct Materials Inventory
Beginning
$4,000
Ending
2,600
There is no work-in-process inventory; in other words, a cleaning is started and completed on the same day.
Required:
1. Prepare an income statement in good form.
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