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Randolph Company reports the following information pertaining to its operating activities. Ending Balance Beginning Balance Materials Inventory $ 70,000 $ 60,000 Work in Process Inventory
Randolph Company reports the following information pertaining to its operating activities. Ending Balance Beginning Balance Materials Inventory $ 70,000 $ 60,000 Work in Process Inventory 41,000 79,000 Finished Goods Inventory 16,000 21,000 During the year, the company purchased $135,000 of direct materials and incurred $22,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $19,000. Selling and administrative expenses amounted to $30,000, and the companys annual sales amounted to $280,000. a. Prepare Randolphs schedule of the cost of finished goods manufactured. b. Prepare Randolphs income statement (ignore income taxes)
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