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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
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 $16,000 of indirect material) $ 24,300 35,700 110,500 $275,500 22,600 40, 350 120, 800 304,400 Note: The pre-determined overhead rate is 0.77 (77%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,270,000 and operating expenses were $220,000 for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,270,000 and operating expenses were $220,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 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 Gross Profit Less: Operating (Period) Expenses Net Income from Operations
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