Question 3) Great on s) Greathouse Company produced 184,742 cases of sports drinks during the past calendar Otiliter bottles sells for $21.97 Greatheuse d e s of sports drinks in finished good the beginning of the year Greatheus's sods provide the following informat ndar year. Each one Uibed Ha 142 of sports drinks in finished goods inventory General administration Insurance on factory $ 249,330 Accounts Payable 200.003 Work-in-process inventory. Jan. 1 124,024 Salary, sales supervisor 296,934 101,792 Finished goods inventory, Dec. 31 312,431 Factory building 1,704,734 Purchases of direct materials 2,052,191 Depreciation, headquarters 46,156 Prepaid Expenses 47,555 Property taxes 301.500 Indirect labor 393,973 Accum. depr. - factory equipment 665,185 Utilities, factory 187,110 Direct materials inventory. Jan. I 258,318 Land 1,576,073 Warehousing costs 246,249 Dividends 25.657 Finished goods inventory, Jan. 1 254,123 Accounts Receivable 248,481 Direct materials inventory, Dec. 31 232.845 Supplies 72,750 Uneamed Revenue 111.222 Direct labor 992.299 Work-in-process inventory, Dec. 31 469,219 Common Stock 2.873.871 Advertising 367,480 Additional Info: During the year, Greathouse issued an additional 84,000 shares of common stock at a price of $21.20. Greathouse's factory equipment has an expected life of ten years and a salvage value of $29.990. The balance in accumulated depreciation - factory equipment is for the last five years to date. The factory building has an expected life of twenty-seven years and a salvage value of $1.245.545. The land was purchased twelve years ago and is expected to be used for a total of thirty-five years. Greathouse Company uses straight-line depreciation Warehousing costs are related to the finished products and are stored at a separate facility Eighty-one percent of the property taxes are related to the factory. The remainder is related to the administrative buildings. Greathouse Company pays their salespeople a monthly base salary of $875.75 plus 5.552% of their individual sales. They currently have three salespeople and all three generated the total sales for the company. At the end of the year, there were 101,101 cases of sports drinks in finished goods inventory. The accountants determined that eighteen percent of the supplies were never used. Of the supplies that were used, the headquarters used forty-six percent more than the factory used. Required (round all numbers to the nearest dollar, if needed): Prepare a cost of goods manufactured statement and an income statement for Greathouse Company in good complete form 29.99 a
