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Homework answers / question archive / The following information has been taken from the accounting records of Klear-Seal  Company for the year 2012 Selling expenses………………………………………………………

The following information has been taken from the accounting records of Klear-Seal  Company for the year 2012 Selling expenses………………………………………………………

Accounting

The following information has been taken from the accounting records of Klear-Seal  Company for the year 2012

Selling expenses……………………………………………………….

$140,000

Raw materials inventory, January 1………………………………….

90,000 

Raw materials inventory, December 31……………………………..

60,000 

Utilities, factory…………………………………………………………

36,000 

Direct labor cost………………………………………………………..

150,000 

Depreciation, factory…………………………………………………..

162,000 

Purchases of raw materials……………………………………………

750,000 

Sales……………………………………………………………………. 2,500,000 

Insurance, factory………………………………………………………

40,000 

Supplies, factory……………………………………………………….

15,000 

Administrative Expenses .........................................................

270,000 

Indirect labor……………………………………………………………

300,000 

Maintenance, factory…………………………………………………..

87,000 

Work in process inventory, January 1……………………………….

180,000 

Work in process inventory, December 31…………………………..

100,000 

Finished goods inventory, January 1…………………………………

260,000 

Finished goods inventory, December 31…………………………….

210,000 

Management wants these data organized in a better format so that financial statements can be prepared for the year.

Required:

  1. Prepare a schedule of cost of goods manufactured.
  2. Compute the cost of goods sold.
  3. Using data as needed from (1) and (2) above, prepare an income statement.

 

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