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Cook Inc. is mines metals used for manufacturing. Cooks 2012 financial results are given below. Using this information complete the following financial statements (using Exhibit
Cook Inc. is mines metals used for manufacturing. Cooks 2012 financial results are given below. Using this information complete the following financial statements (using Exhibit 3.15.A format): 1. Prepare a Statement of Cost of Goods Manufactured for Cook Inc. for the year ended December 31, 2012. 2. Prepare an Income Statement for Cook Inc. for the year ended December 31, 2012. Work-in-process inventory, beginning $ 180,000 Work-in-process inventory, ending $ 120,000 Finished goods inventory, beginning $ 245,000 Finished goods inventory, ending $ 110,000 Direct materials inventory, beginning $ 320,000 Direct materials inventory, ending $ 80,000 Plant utilities $ 90,000 Direct labor wages $ 420,000 Administrative salaries $ 120,000 Equipment maintenance $ 35,000 Equipment depreciation $ 60,000 Sales staff salaries $ 250,000 Advertising expense $ 140,000 Indirect labor-plant $ 270,000 Rent, administrative offices $ 360,000 Insurance, plant $ 60,000 Supplies, plant $ 40,000 Supplies, admin. office $ 20,000 Plant lease $ 870,000 Direct material purchases $ 625,000 Sales revenue $ 4,200,000
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