3-56 (Algo) Cost of Goods Manufactured; Income Statement [LO 3-4] Consider the following information for Huntersville Incorporated for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor-wages Materials Inventory, December 31 Materials Inventory, January 1 Direct materials purchases Finished goods inventory, December 31 Finished goods inventory, January 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, December 31 Work-in-process inventory, January 1 Required: $ 32,700 87,000 495,300 27,500 20,000 160,000 24,400 15,200 44,600 25,400 34,500 146,000 1,504,000 66,300 16,400 29,200 9,400 23,500 Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31. Prepare a statement of cost of goods manufactured for Huntersville for the year ended December 31. Huntersville, Inc Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory Materials purchases Materials available Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods manufactured Stmt of COGM Income Statement > Stmt of COGM Income Statement Prepare an income statement for Huntersville for the year ended December 31. Huntersville, Inc. Income Statement For the Year Ended December 31 Cost of goods sold Cost of goods available for sale Cost of goods sold Total selling & administrative expenses < Stmt of COGM Income Statement