E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $17,000 of indirect material) $ 24,500 35,900 110,780 $275,700 22,800 40,450 121,000 304,600 Note: The pre-determined overhead rate is 079 (79%) of direct labor cost Required: 1. Prepare a Cost of Goods Manufactured report 2. Prepare a Partial income Statement of sales revenue was $1,290,000 and operating expenses were $230,000 for 2018. Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare a Cost of Goods Manufactured report, DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Beginning Raw Materials Inventory Plus Raw Material Purchases 35.900 287 800 Required: 1. Prepare a Cost of Goods. Manufactured report 2. Prepare a Partial Income Statement if sales revenue was $1.290,000 and operating expenses w Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Beginning Raw Materials Inventory Plus: Raw Material Purchases 35 900 287,600 40,450 Less. Ending Raw Materials Inventory Direct Materials used in Production Direct Labor Applied Manufacturing Overhead Total Current Manufacturing Costs (Plus Beginning Work in Process Inventory Less Ending Work in Process Inventory Cost of Goods Manufactured 275,700 240,634 110,700 121,000 Required 2 > Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Beginning Raw Materials Inventory Plus: Raw Material Purchases $ 35,900 287,600 40,450 Code Datavale dom Plus: Indirect Material Used 275,700 240,634 Less: Indirect Material Used 110,700 121,000 Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Required Required 2 > Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,290,000 and operating expenses were $230,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 1,290,000 24,500 Sales Revenue Less Cost of Goods Sold (Beginning Finished Goods Inventory Plus Costs of Goods Manufactured Cost of Goods Available for Sale Less Ending Finished Goods Inventory Cost of Goods Sold 22,800 Less: Operating (Period) Expenses Net Income from Operations