Reference no: EM131805276
Question - Work and answer the following problems, showing all work where applicable:
The following information relates to Smith Manufacturing, Inc. for the year ended 2010. Prepare a schedule of cost of goods manufactured and an income statement for the year.
Sales Revenue $1,540,000
Direct materials used 164,000
Direct labor incurred 278,000
Indirect materials used 14,600
Indirect labor 13,780
Factory utilities 5,500
Factory maintenance 1,200
Depreciation on factory equipment 1190
Property taxes on factory equipment 1,400
Beginning WIP inventory 37,430
Ending WIP inventory 15,900
Beginning Finished Goods inventory 54,500
Ending Finished Goods inventory 16,450
Administrative salary expense 234,000
Depreciation on administrative building 600
Delivery truck expense 2350
Utilities for administrative building 1890
Answer the following questions after completing the two statements above:
1. What are the total manufacturing costs incurred during the year?
2. What is the cost of goods available for sale?
3. What is the cost of goods manufactured for the year?
4. What is the cost of goods sold?
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