Prepare Statements for a Manufacturing Company
Pioneer Parts, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
Information on January 1 (Beginning): |
|
Direct materials inventory |
$ 18 |
Work in process inventory |
24 |
Finished goods inventory |
328 |
Information for the year: |
|
Administrative costs |
$ 720 |
Direct labor |
2,120 |
Direct materials purchases |
1,640 |
Factory and machine depreciation |
2,320 |
Factory supervision |
420 |
Factory utilities |
180 |
Indirect factory labor |
560 |
Indirect materials and supplies |
140 |
Marketing costs |
300 |
Property taxes on factory |
56 |
Sales revenue |
9,080 |
Information on January 31 (Ending): |
|
Direct materials inventory |
$ 16 |
Work in process inventory |
28 |
Finished goods inventory |
294 |
Required
Prepare an income statement with a supporting cost of goods sold statement.