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Homework answers / question archive / 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, 2017:                                   Beginning balance in Work In Process Inventory                                                               $2,10,000                                             Ending balance in Work In Process Inventory                                                                        3,00,000                                             Beginning balance in Finished Goods Inventory                                                                   5,00,000                                             Ending balance in Finished Goods Inventory                                                                          4,00,000                                             Direct material cost                                                                                                                         25,00,000                                             Direct labor cost                                                                                                                              30,00,000                                              Manufacturing overhead                                                                                                            17,00,000                                              Selling and administrative expenses                                                                                      13,50,000                                               Sales                                                                                                                                                   85,00,000                                                                                                                                                                Required                                                                                                                             a

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, 2017:                                   Beginning balance in Work In Process Inventory                                                               $2,10,000                                             Ending balance in Work In Process Inventory                                                                        3,00,000                                             Beginning balance in Finished Goods Inventory                                                                   5,00,000                                             Ending balance in Finished Goods Inventory                                                                          4,00,000                                             Direct material cost                                                                                                                         25,00,000                                             Direct labor cost                                                                                                                              30,00,000                                              Manufacturing overhead                                                                                                            17,00,000                                              Selling and administrative expenses                                                                                      13,50,000                                               Sales                                                                                                                                                   85,00,000                                                                                                                                                                Required                                                                                                                             a

Finance

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, 2017:

 

                                Beginning balance in Work In Process Inventory                                                               $2,10,000            

                                Ending balance in Work In Process Inventory                                                                        3,00,000            

                                Beginning balance in Finished Goods Inventory                                                                   5,00,000            

                                Ending balance in Finished Goods Inventory                                                                          4,00,000            

                                Direct material cost                                                                                                                         25,00,000            

                                Direct labor cost                                                                                                                              30,00,000             

                                Manufacturing overhead                                                                                                            17,00,000             

                                Selling and administrative expenses                                                                                      13,50,000              

                                Sales                                                                                                                                                   85,00,000               

                                                                                                                                               

Required                                                                                                                            

a. Prepare a schedule of costs of goods manufactured.                                                 

b. Prepare an income statement for fiscal 2014. Ignore income taxes.                    

Option 1

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