Cost of Goods Manufactured, Cost of Goods Sold, and Income
The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2011.
|
Beginning balance in Work in Process |
200,000 |
|
Ending balance in Work in Process |
300,000 |
|
Beginning balance in Finished Goods |
500,000 |
|
Direct material cost |
2,000,000 |
|
Direct labor cost |
2,400,000 |
|
Manufacturing overhead |
1,700,000 |
|
Selling expenses |
250,000 |
|
General and administrative expenses |
450,000 |
|
Sales |
8,00,000 |
Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2011. Ignore income taxes.