Samsung Company produced 16,480 smart TV monitor during 2023. Samsung had 270 smart TV monitors in finished goods inventory at the beginning of the year. At the end of the year, there were 1,260 smart TV monitors in finished goods inventory. The TV monitors sell for $150 each. Samsung's accounting records provide the following information for the financial year 2023:

Purchases of direct materials $184,000

Direct materials inventory, January 1 $41,740

Direct materials inventory, December 31 $35,920

Direct labor $219,700

Indirect labor $86,780

Depreciation, factory building $120,840

Depreciation, factory equipment $69,210

Property taxes on factory $7,140

Utilities, factory $16,480

Insurance on factory $21,970

Research and development $13,180

Salary, sales supervisor $9,340

Commissions, salespersons $40,640

General administration $42,840

Work in process inventory, January 1 $49,430

Work in process inventory, December 31 $82,390

Finished goods inventory, January 1 $11,810

Finished goods inventory, December 31 $53,720

Do not enter dollar signs or commas in the input boxes.

Do not use the negative sign.

a) Prepare a cost of goods manufactured statement for December.

Samsung Company

Statement of Costs of Goods Manufactured

For the Year Ended December 31, 2023

Beginning work in process Answer

Direct materials:

Beginning inventory Answer

Purchases Answer

Materials available Answer

Ending inventory Answer

Direct materials used Answer

Direct labor Answer

Manufacturing overhead:

Insurance on factory Answer

Indirect labor Answer

Depreciation, factory building Answer

Depreciation, factory equipment Answer

Property taxes on factory Answer

Utilities, factory Answer

Total overhead costs Answer

Ending work in process Answer

Cost of goods manufactured Answer

b) Prepare an income statement for December.

Samsung Company

Income Statement

For the Year Ended December 31, 2023

Sales Answer

Cost of goods sold:

Cost of goods manufactured Answer

Beginning finished goods inventory Answer

Goods available for sale Answer

Ending finished goods inventory Answer

Answer

Gross margin Answer

Expenses

Research and development Answer

Salary, sales supervisor Answer

Commissions, salespersons Answer

General administration Answer

Answer

Net Income Answer

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