The following information is available for Satterfields Custom Glass for the fiscal year ending December 31, 2020:
Question:
The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2020:
Beginning balance in Work in Process Inventory................$ 210,000
Ending balance in Work in Process Inventory........................300,000
Beginning balance in Finished Goods Inventory....................500,000
Ending balance in Finished Goods Inventory.........................400,000
Direct material cost.................................................................2,500,000
Direct labor cost......................................................................3,000,000
Manufacturing overhead.......................................................1,700,000
Selling and administrative expenses...................................1,350,000
Sales.........................................................................................8,500,000
Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2020. Ignore income taxes.
Step by Step Answer:
a b Satterfields Custom Glass Schedule of Cost of Goods Manufactured For the ...View the full answer
