Solution-Prepare the 20xx income statement

Prepare the 20xx income statement

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Reference no: EM13502460

The following information was available for Hamilton Industries for the year 20XX:

Inventories	1-Jan	31-Dec
Materials	$85,000	$105,000
Work in process	120,000	105,000
Finished goods	125,000	110,000

Advertising expense			$75,000
Depreciation expense-office equipment			25,000
Depreciation expense-factory equipment			16,000
Direct Labor			205,000
Heat, light, and power-factory			6,500
Indirect labor			26,000
Materials purchased			135,000
Office salaries expense			85,000
Property taxes-factory			4,500
Property taxes-headquarters			15,000
Rent expense-factory			7,500
Sales			950,000
Sales salaries expense			150,000
Supplies-factory			3,500
Miscellaneous cost-factory			4,500

Requirements:

1. Prepare the 20XX statement of cost of goods manufactured.

2. Prepare the 20XX income statement.

Reference no: EM13502460

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Prepare the 20xx income statement

Reference no: EM13502460

Reference no: EM13502460

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