The Giffin Corporation produces heavy-duty riding garden tractors and has the following balances in its operating accounts (in millions of dollars) for 1998:

Records show that 120,000 units were transferred to finished goods inventory in 1998. Sales were 110,000 units. Giffin uses first-in, first-out for all inventories.

Required:
Prepare an income statement including the cost of goods manufactured and sold for 1998.

Transcribed Image Text:

Sales Selling and administrative expenses. Factory supplies used Factory utilities Indirect labor. Purchases of direct materials. Direct labor... Factory building and equipment depreciation expense Factory supervisory salaries Miscellaneous factory overhead Direct materials, 12/31/97... Work in process, 12/31/97 Finished goods, 12/31/97 $15 10 70 Direct materials, 12/31/98 Work in process, 12/31/98 Finished goods, 12/31/98 $700 100 10 30 60 125 100 80 40 35 20 5 ?