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10.000 28.000 The following account balances are from Woods Corporation accounting records for the year ended December 31, 2008 Required: 1. Determine the amount of Direct materials used in production 2. Determine the amount of factory overhead costs 3. Determine the prime cost & conversion costs 4. A schedule for factory/manufacturing overhead costs 5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost and total manufacturing cost to account for 6. An Income Statement for Woods Corporation for the year ended December 31.2008 7. During the year Woods corporation produced 20,000 pieces of furniture. What was the unit product cost? & How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? Advertising expense $ 85,000 Amortization expense - Patents 16,000 Special Design Cost Bad Debts expense Depreciation expense - Office equipment 37.000 Depreciation expense - Factory Building 133.000 Depreciation expense - Factory equipment 78,000 Direct Labour 250,000 Factory insurance expired 62.000 Factory supervision 74.000 Factory supplies used 21.000 Utilities 115.000 Finished goods inventory, Jan 1 2008 15.000 Finished goods inventory, Dec 31 2008 12.500 Work in process inventory, Jan 1 2008 8.000 Work in process inventory, Dec 31 2008 9.000 Indirect labour 26.000 Interest expense 25.000 Miscellaneous expense 55,000 Property taxes on factory equipment 14.000 Raw materials inventory, Jan 1 2008 60.000 Raw materials inventory, Dec 31 2008 78,000 Raw materials purchases 313.000 Repairs expense - factory equipment 31.000 Salaries expense 150,000 Sales 1.630,000 of the total utilities expense 60% relates to manufacturing and 40% relates to Administrative costs