Prepare Statements for a Manufacturing Company
The administrative offices and manufacturing plant of Oakdale Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year:
|
Administrative costs |
$ 4,800 |
|
Building and machine depreciation |
|
|
(75% of this amount is for factory) |
2,700 |
|
Building utilities (90% of this amount is for factory) |
3,750 |
|
Direct labor |
2,520 |
|
Direct materials inventory, December 31 |
42 |
|
Direct materials inventory, January 1 |
36 |
|
Direct materials purchases |
10,950 |
|
Factory supervision |
1,470 |
|
Finished goods inventory, December 31 |
195 |
|
Finished goods inventory, January 1 |
162 |
|
Indirect factory labor |
2,736 |
|
Indirect materials and supplies |
2,055 |
|
Marketing costs |
2,613 |
|
Property taxes on building |
|
|
(80% of this amount is for factory) |
2,520 |
|
Sales revenue |
38,910 |
|
Work in process inventory, December 31 |
87 |
|
Work in process inventory, January 1 |
96 |
Required
Prepare an income statement with a supporting cost of goods sold statement.