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Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1$ 24,200Beginning Raw Materials, January 135,600Beginning Work in Process, January 1110,400Direct
Manufacturing costs for Davenport Company during 2018 were as follows:
Beginning Finished Goods, January 1$ 24,200Beginning Raw Materials, January 135,600Beginning Work in Process, January 1110,400Direct Labor for the current year275,400Ending Finished Goods, December 3122,500Ending Raw Materials, December 3140,300Ending Work in Process, December 31120,700Material Purchases for the current year(including $15,500 of indirect material)304,300Note: The pre-determined overhead rate is 0.76 (76%) of direct labor cost.
Required:
- Prepare a Cost of Goods Manufactured report.
- Prepare a Partial Income Statement if sales revenue was $1,260,000 and operating expenses were $215,000 for the current year.
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