Question
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses $ 155,500 Depreciation expenseadministrative office 77,200
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses $ 155,500 Depreciation expenseadministrative office 77,200 Depreciation expenseplant and equipment 325,500 Depreciation expensedelivery trucks 48,850 Materials inventory, beginning 21,500 Materials inventory, ending 26,250 Direct materials purchases 437,500 Direct labor 534,000 Indirect labor 280,000 Finished goods inventory, beginning 56,100 Finished goods inventory, ending 45,200 Insurance on plant 35,300 Heat and light for plant 24,200 Repairs on plant building 38,750 Supervisors salaryplant 99,650 Suppliesplant 133,100 Suppliesadministrative office 79,650 Work-in-process inventory, beginning 33,750 Work-in-process inventory, ending 41,200 Sales representatives salaries 327,750 Sales revenue 2,999,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.
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