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It is your first day as an intern at Frank's furniture, a major supplier of tables and chairs to some of the largest restaurants in
It is your first day as an intern at Frank's furniture, a major supplier of tables and chairs to some of the largest restaurants in the world. The Plant Controller has a big meeting tomorrow with the executive team and requests your help in preparing the financial information for the meeting. The Controller asks you to review the General Ledger accounts and prepare (A) an income statement and attach (B) a supporting cost of goods manufactured and sold statement.
Account Name | Amount | ||||
Work-in Process Inventory, January 1,2018 | 380,000 | ||||
Work-in Process Inventory, December 31,2018 | 404,000 | ||||
Sales Revenue | $ 6,500,000 | ||||
Administrative Costs | $ 1,100,000 | ||||
Marketing Costs | $ 1,200,000 | ||||
Direct Labor | 1,050,000 | ||||
Direct Materials Purchased | 255,000 | ||||
Direct Materials Inventory, January 1, 2018 | 190,000 | ||||
Direct Materials Inventory, December 31, 2018 | 165,000 | ||||
Finished Goods Inventory, January 1, 2018 | 300,000 | ||||
Finished Goods Inventory, December 31, 2018 | 245,000 | ||||
Plant Supervisor Indirect Labor Salaries | 725,000 | ||||
Manufacturing Equipment Depreciation | 213,000 | ||||
Plant Utilities | 278,000 | ||||
Manufacturing Equipment Repairs | 95,000 | ||||
Indirect Materials and Supplies | 68,000 |
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