Question
Sales 7,500,000 Inventory-January 1 Raw materials 200,000 Goods in process 240,000 Finished goods 360,000 Inventories-December 31 Raw materials 280,000 Goods in process 170,000 Finished goods
| Sales | 7,500,000 |
| Inventory-January 1 |
|
| Raw materials | 200,000 |
| Goods in process | 240,000 |
| Finished goods | 360,000 |
| Inventories-December 31 |
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| Raw materials | 280,000 |
| Goods in process | 170,000 |
| Finished goods | 300,000 |
| Accounting and legal fees | 150,000 |
| Advertising | 160,000 |
| Delivery expenses | 200,000 |
| Depreciation-machinery | 60,000 |
| Depreciation-office equipment | 40,000 |
| Depreciation-store equipment | 70,000 |
| Direct labor | 950,000 |
| Earthquake loss | 300,000 |
| Factory supplies used | 110,000 |
| Gain from expropriation of asset | 100,000 |
| Gain on sales of equipment | 100,000 |
| Income tax expense | 320,000 |
| Indirect labor | 250,000 |
| Interest income | 10,000 |
| Light, heat and power | 320,000 |
| Office expenses | 250,000 |
| Office salaries | 150,000 |
| Purchases | 3,000,000 |
| Rent-factory building | 120,000 |
| Repair and maintenance-machinery | 50,000 |
| Sales return and allowance | 50,000 |
| Sales salaries | 400,000 |
| Superintendence | 210,000 |
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| Required: |
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| Prepare a multiple-step-income statement with supporting statement of cost of goods sold manufacturing. | |
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