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13 x fx C D E F Lab #2 - Chapter 14 Assignment Name: The following is an account listing with balances for the Damon Manufacturing Company as of December 31. Required: Using the accompanying templates provided on the right, prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; then (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses. [Hint: refer to the textbook's demonstration problem on pages 553-554 as an example for this lab.) Accounts Administrative salaries expense Depreciation expense Factory equipment Depreciation expense Delivery vehicles Depreciation expense-Office equipment Advertising expense Direct labor Factory supplies use Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories: Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Da na Canton Sheet1 12/31 Balance $135.000 52.400 36,200 24,800 22.350 268.000 12,000 91,500 35,000 24,000 15,500 14,000 7,500 1 28,000 32,000 3 3,780 3 7,460 5 6,970 6 2,000 325,000 en D . JJJJJ 5 Po s napig Accounts Administrative salaries expense Depreciation expense-Factory equipment Depreciation expense-Delivery vehicles Depreciation expense-Office equipment Advertising expense Direct labor Factory supplies use Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories: Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Rent expense-Factory Rent expense Office space Rent expense Selling Space Sales salaries expense Sales Sales discounts 12/31 Balance $135,000 52,400 36,200 24,800 22,350 268,000 12,000 91,500 35,000 24,000 15,500 14,000 7,500 28,000 32,000 33,780 37,460 56,970 62,000 325,000 50,000 24,000 24,000 97,500 1,552,000 29,000 Remember to use cell references and formulas in the solution templates. List all factory overhead costs individually in the CGM Schedule. A. Prepare the Schedule of Cost of Goods Manufactured Damon Manufacturing Company Schedule of Cost of Goods Manufactured For Year Ended December 31 T Cost of goods manufactured B. Prepare the Income Statement Taman Manufacturina Camnan ! Forma B. Prepare the Income Statement Damon Manufacturing Company Income Statement For Year Ended December 31 Net income