Question
do not use image answer please. Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data
do not use image answer please.
Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data for 2018:
Sandpaper | $2,000 |
Materials-handling costs | 70,000 |
Lubricants and coolants | 5,000 |
Miscellaneous indirect manufacturing labour | 40,000 |
Direct manufacturing labour | 300,000 |
Direct materials inventory 1 Jan 2018 | 40,000 |
Direct materials inventory 31 Dec 2018 | 50,000 |
Finished goods inventory 1 Jan 2018 | 100,000 |
Finished goods inventory 31 Dec 2018 | 150,000 |
Work in process inventory 1 Jan 2018 | 10,000 |
Work in process inventory 31 Dec 2018 | 14,000 |
Plant leasing costs | 54,000 |
Depreciation plant equipment | 36,000 |
Insurance on plant equipment | 3,000 |
Direct material purchased | 460,000 |
Sales revenues | 1,360,000 |
Marketing promotions | 60,000 |
Marketing salaries | 100,000 |
Distribution costs | 70,000 |
Customer service costs | 100,000 |
Required:
1) Prepare a schedule of cost of goods manufactured. (6 marks)
2) Prepare a schedule of costs of goods sold. (2 marks)
3) Prepare an income statement. (4 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started