Solution-Prepare an income statement for cost of goods sold

Prepare an income statement for cost of goods sold

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Reference no: EM131817470

Problem - Prepare Statements for a Manufacturing Company

The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year:

Administrative costs	$1,646
Building and machine depreciation (75% of this amount is for factory)	900
Building utilities (90% of this amount is for factory)	1,290
Direct labor	845
Direct materials inventory, December 31	13
Direct materials inventory, January 1	13
Direct materials purchases	3,700
Factory supervision	494
Finished goods inventory, December 31	70
Finished goods inventory, January 1	51
Indirect factory labor	911
Indirect materials and supplies	675
Marketing costs	865
Property taxes on building (85% of this amount is for factory)	900
Sales revenue	13,004
Work-in-process inventory, December 31	27
Work-in-process inventory, January 1	29

Required:

Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)

Reference no: EM131817470

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Prepare an income statement for cost of goods sold

Reference no: EM131817470

Reference no: EM131817470

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