Reference no: EM132687634
Question - The following data refer to San Fernando Fashions Company for the year 20x2:
Sales revenue $1,050,000
Work-in-process inventory, December 31 - 30,000
Work-in-process inventory, January 1 - 36,000
Selling and administrative expenses - 150,000
Income tax expense 80,000
Purchases of raw material 170,000
Raw-material inventory, December 31 - 25,000
Raw-material inventory, January 1 - 30,000
Direct labor 180,000
Utilities: plant 40,000
Depreciation: plant and equipment 60,000
Finished-goods inventory, December 31 - 50,000
Finished-goods inventory, January 1 - 20,000
Indirect material 8,000
Indirect labor 12,000
Other manufacturing overhead 80,000
Required -
1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year.
2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year.
3. Prepare San Fernando Fashions' income statement for the year.
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