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Problem - Statement of cost of goods manufactured and income statement for a manufacturing company.
The following information is available for The Green Hornet Corporation for 2012:
Inventories
January 1
December 31
Materials
$165,000
$210,000
Work in process
306,000
290,000
Finished goods
298,000
284,000
Advertising expense
$ 148,000
Depreciation expense-office equipment
21,000
Depreciation expense-factory equipment
20,900
Direct labor
360,000
Heat, light, and power-factory
8,400
Indirect labor
29,100
Materials purchased
325,000
Office salaries expense
115,000
Property taxes-factory
6,800
Property taxes-office building
18,000
Rent expense-factory
11,500
Sales
1,530,000
Sales salaries expense
188,000
Supplies-factory
5,700
Miscellaneous cost-factory
3,600
Instructions -
1. Prepare the 2012 statement of cost of goods manufactured.
2. Prepare the 2012 income statement.
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winfrey co.s march 31 inventory of raw materials is 150000. raw materials purchases in april are 400000 and factory
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Write a brief memo on how each option affects the financial statements. Include your journal entry(ies) in the body of your memo for each option.
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