Question
Information for Pidris Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31;
Information for Pidris Metalworks as of December 31 follows.
Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (12 Points).
(b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses. (12 Points).
Administrative salaries expense | $ 135,000 |
Depreciation expenseFactory equipment | 52,400 |
Depreciation expenseDelivery vehicles | 36,200 |
Depreciation expenseOffice equipment | 24,800 |
Advertising expense | 22,350 |
Direct labor | 268,000 |
Factory supplies use | 12,000 |
Income taxes expense | 91,500 |
Indirect labor | 35,000 |
Indirect material | 24,000 |
Factory insurance | 15,500 |
Factory utilities | 14,000 |
Factory maintenance | 7,500 |
Inventories |
|
Raw materials inventory, January 1 | 32,000 |
Raw materials inventory, December 31 | 28,000 |
Work in Process inventory, January 1 | 33,780 |
Work in Process inventory, December 31 | 37,460 |
Finished goods inventory, January 1 | 56,970 |
Finished goods inventory, December 31 | 62,000 |
Raw materials purchases | 325,000 |
Rent expenseFactory | 50,000 |
Rent expenseOffice space | 24,000 |
Rent expenseSelling Space | 24,000 |
Sales salaries expense | 97,500 |
Sales | 1,452,000 |
Sales discounts | 29,000 |
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