Reference no: EM133136331

Question - Cost of goods sold; Income Statement Consider the following information for Blue Water Equipment, Inc., a manufacturer of rigging, beams, and sailboat rigging.

Advertising expense $111,000

Depreciation expense-admin office 88,000

Depreciation expense-plant and equipment 299,000

Depreciation expense-delivery truck 55,000

Direct materials inventory, beginning 22,000

Direct materials inventory, ending 16,000

Direct material purchase 348,000

Direct labor 455,000

Indirect labor 329,000

Finished goods inventory, beginning 66,000

Finished goods inventory, ending 42,000

Factory insurance 44,000

Heating and lighting for factories 23,000

Factory building repair 34,000

Provider salary-factory 85,000

Equipment-factory 118,000

Equipment-administrative office 42,000

Work in progress inventory, beginning 14,000

Work in progress inventory, ending 11,000

Salesperson salary 216,000

Sales revenue 2,312,000

Required - Prepare cost of goods manufactured reports and income statements for Blue Water Equipment, Inc. for the year ended December 31, 2010.