Reference no: EM132576549
The following information was taken from the accounting records of Dunbar Mifflin Company in 2018.
Beginning of 2018 Ending of 2018
Direct materials inventory 135,000 83,000
Work-in-process inventory 185,000 154,000
Finished-goods inventory 255,000 216,000
Purchases of direct materials 270,000
Direct manufacturing labor 225,000
Indirect manufacturing labor 103,000
Plant insurance 11,000
Depreciation-plant, building, and equipment 48,000
Plant utilities 29,500
Repairs and maintenance-plant 13,500
Equipment leasing costs 66,800
Marketing, distribution, and customer-service costs 129,500
General and administrative costs 72,500
Required:
Question 1. prepare schedule of cost of goods manufactured.
Following are the account balances for the DC Company in 2018:
Beginning of 2018 Ending of 2018
Direct materials inventory 26,500 27,000
Work-in-process inventory 30,500 28,400
Finished-goods inventory 16,500 22,100
Purchases of direct materials 79,000
Direct manufacturing labor 24,500
Indirect manufacturing labor 18,600
Plant insurance 7,900
Depreciation-plant, building, and equipment 11,800
Repairs and maintenance-plant 3,500
Marketing, distribution, and customer-service costs 87,900
General and administrative costs 26,500
Required:
Question 2. Prepare schedule for the cost of goods manufactured for 2018.
Question 3. Revenues for 2018 was $425,000. Prepare the income statement for 2018.