Reference no: EM131997526

Question - The following information applies to the General Lawnmower Company for the year ended December 31, 2010:

Factory Rent $80,000

Direct Materials Inventory, Beginning $50,000

Direct Materials Inventory, Ending $45,000

Direct Materials Purchases $325,000

Direct Labor-Wages $550,000

Indirect Labor-Wages $25,000

Finished Goods Inventory, Beginning $50,000

Finished Goods Inventory, Ending $75,000

Indirect Materials $50,000

Plant Utilities $25,000

General and Administrative $130,000

Work-in-Process Inventory, Beginning $50,000

Work-in-Process Inventory, Ending $55,000

Marketing Expenses $180,000

Sales Revenue $1,825,000

Required: Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2010.