Reference no: EM133027163
Question - Pearl Co has the following information for the year ended December 31, 2019:
Revenue $450,000
Beginning inventory of direct materials, Jan 1, 2019 $20,000
Purchases of direct materials $156,000
Ending inventory of direct materials, Dec 31, 2019 $18,000
Direct manufacturing labor $21,000
Indirect manufacturing costs $42,000
Beginning inventory of finished goods, Jan 1, 2019 $40,000
Cost of goods manufactured $114,000
Ending inventory of finished goods, Dec 31, 2019 $45,000
Selling and Administrative expenses $150,000
Required -
Part A - Prepare the Income Statement for Pearl Co for the year ended December 31, 2019 Ignore taxation.
Part B - If the ending work in process inventory was $138,000, what was the beginning work in process inventory? Show your workings.
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