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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………………………………………………………. |
$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:
- Prepare a schedule of cost of goods manufactured.
- Compute the cost of goods sold.
- Using data as needed from (1) and (2) above, prepare an income statement.
Expert Solution
PFA
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