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need answer for cost of goods sold. cant figure it out. Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18

need answer for cost of goods sold. cant figure it out. image text in transcribed
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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 for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purahanen for 2018 (including $18,000 of indirect material) $ 24,700 36,100 110,900 $275, 900 23,000 40,550 121,200 304,800 Note: The pre-determined overhead rate is 0.81(81%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,310,000 and operating expenses were $240,000 for 2018 DAVENPORT COMPANY Income Statement For the Year 2018 $ 1,310,000 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 24,700 771,429 796,129 (23,000) (748,429) 536,871 (240,000) 296,871

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