Reference no: EM13452691

Use the following information to prepare the required financial statements as instructed below:

• Administrative salaries expense                                            $119,000
• Advertising expense                                                                12,000
• Direct labor                                                                           110,000
• Depreciation expense, factory                                                   18,000
• Finished goods inventory,1/1                                                    27,000
• Accounting and auditing expense                                              50,000
• Direct material inventory,1/1                                                     42,000
• Plant maintenance expense                                                      35,000
• Work in process inventory,1/1                                                     9,000
• Sales discount                                                                         15,000
• Factory cleaning expense                                                          30,000
• Direct material purchases                                                        177,000
• Manufacturing design expense                                                    3,000
• Legal expense                                                                          9,000
• Gross sales                                                                           998,000
• Indirect material                                                                      22,000
• Depreciation expense                                                               16,000
• Plant property tax expense                                                         8,000
• Direct material inventory,12/31                                                  39,000
• Indirect labor                                                                           48,000
• Manufacturing waste expense                                                    15,000
• Work in process inventory, 12/31                                                 7,000
• Storage and warehouse expense                                                12,000
• Finished goods inventory, 12/31                                                29,000
• Freight out                                                                              11,000
• Security expense, plant                                                            27,000
• Sales returns and allowances                                                      4,000
• Other manufacturing overhead                                                  13,000
• Utilities expense                                                                       5,000
• Plant warehouse expense                                                           8,000
• Insurance expense, selling                                                         7,000
• Research expense, Plant                                                           15,000
• Consulting expense                                                                  21,000
• Factory quality control expense                                                  13,000
• Store rental expense                                                                55,000

Instructions: Prepare the cost of goods manufacturing schedule and a separate income statement for Joy and Peace Manufacturing Company for the year ended December 31, 2013