Good Vibrations, Inc., produces recordings of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the companys cost of goods manufactured. You find the following data from records prepared by Good Vibrations, Inc., for the year ended December 31, 2013:

Beginning Direct Materials Inventory, January 1, 2013 $ 6,000 Ending Direct Materials Inventory, December, 31, 2013 $10,500 Beginning Work in Process Inventory, January 1, 2013 $10,000 Ending Work in Process Inventory, December 1, 2013 $ 9,500 Materials Purchases $ 50,000 Direct Labor $ 40,000 Indirect Labor $ 15,000 Factory Utilities Expense $ 7,000 Factory Supplies Expene $5,000 Depreciation Expense - Factory Building $14,000 Depreciation Expense - Factory Equipment $10,500 Other Manufacturing Overhead $25,000 Applied Manufacturing Overhead $76,500

You also learn that Beginning Finished Goods Inventory on January 1, 2013, was $20,000 and Ending Finished Goods Inventory on December 31, 2013, was $5,000. Sales for the year were $400,000. Selling expenses were $50,000 and administrative expenses were $75,000.

Required: a.Complete the T-account. b.Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended December 31, 2013. c.Prepare an income statement for Good Vibrations, Inc., for the year ended December 31, 2013.

(a) Complete theT-account.

(b) Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended December 31, 2013

(c) Prepare an income statement for Good Vibrations, Inc., for the year ended December 31, 2013.

Direct Materials DM purchased DM used in production Work in Process Finished Goods Direct Labon Cost of Goods Soldl DL used in production Cost of Goods Mamufactured Cost of Goods Sold Manufactuning Overhead Actual Overhead Appied Overhead Activate Windows Go to Settings to activate Windows