Required: For Groke Grokey Corp. that produces Golden Grills

1. Complete the Cost of Goods Manufactured Statement for Groke Grokey Corp.

1a. What is the cost to produce one unit

1b. How much of the production is Prime cost?

2. How much of the production is Conversion cost?

2a. Complete the Cost of Goods Sold Statement for Groke Grokey Corp.

2b. Prepare an Income Statement for Groke Grokey Corp.

3. Record all information on Page 1 of the General Journal

3a. Post all journal entries to the T Accounts

Groke Grokey Corp. (2020) Beg. Year End. Year $ 31,000 $ 40,000 $ 42,000 $ 51,000 $ 53,000 $ 68,000 S 102,000 $ 95,000 Materials inventory Work in process inventory Finished goods inventory Purchases of raw materials Direct labor Factory Overhead Indirect labor Insurance on plant Depreciation of plant building & equipment Repairs and maintenance expense Selling Expenses General and administrative expenses $ $ 27,000 21.000 S $ S $ 25,000 15,000 99,000 105,000 Units Produce Units of Product Sold Unit Selling Price Income Tax Rate 85,000 60,000 $40 32%