Question
ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted: Work-in-process inventory (January 1) $140,400 Work-in-process inventory (December 31) 171,000
ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted:
Work-in-process inventory (January 1) $140,400
Work-in-process inventory (December 31) 171,000
Finished goods inventory (January 1) 540,000
Finished goods inventory (December 31) 510,000
Direct materials inventory (January 1) 125,000
Direct materials inventory (December 31) 145,000
Direct materials purchased 575,000
Indirect materials used 84,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 186,000
Depreciation of manufacturing equipment 264,000
Depreciation of administration office equipment 123,600
Miscellaneous plant overhead 135,000
Plant utilities 92,400
General office expenses 205,400
Marketing & distribution costs 125,000
Revenues 1,775,000
Required: a. Prepare a cost of goods manufactured schedule for the year.
b. Prepare an income statement for the year.
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