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COST OF GOODS MANUFACTURED, INCOME STATEMENT
Paulisse Company produces hand lotion for resale by discount chains. For last year, Paulisse reported the following:
Work-in-process inventory, January 1
$13,250
Work-in-process inventory, December 31
28,250
Finished goods inventory, January 1
113,000
Finished goods inventory, December 31
85,000
Direct materials inventory, January 1
16,200
Direct materials inventory, December 31
10,700
Direct materials used
170,200
Direct labour
72,000
Plant depreciation
9,500
Salary, production supervisor
45,000
Indirect labour
40,600
Utilities, factory
5,700
Sales commissions
40,000
Salary, sales supervisor
75,000
Depreciation, factory equipment
25,000
Administrative expenses
162,000
Supplies (40% used in the factory, 60% used in the sales office)
8,000
Last year, Paulisse produced 230,000 units and sold 250,000 units at $4 per unit.
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