Reference no: EM132549261
The records of Reinecke, Inc. show the following information as of March 31, 19B: Work in process inventory, April 1st 19A 41,200 Direct Labour 2,90,000 Indirect labour 46,000 Direct Material inventory, March 31, 19B 2,25,000 Repairs to machinery 5,800 Miscellaneous factory overheads 29,000 Direct Materials inventory, April 1st 19A 4,40,000 Finished goods inventory, March 31, 19B 31,500 Purchase of materials 5,68,000 Carriage inwards 12,600 Light and power 4,260 Purchase returns 5,700 Finished goods inventory, April 1st, 19A 34,300 Purchase discounts 3% of the purchases Sales 1,20,0000 Fuel and Lubricants 4,700 Marketing expenses 10% of the sales Work in process inventory, March 31, 19B 42,500 Administrative expenses 5% of the sales General expenses 2% of the sales Interest expenses 4% of the liabilities (liabilities are 60,000) Sales returns 10,000
Instructions:
Question 1: Prepare Cost of goods sold statement
Question 2: Prepare income statement from the data given
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