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Problem 1: Statement of Costs of Goods Manufactured (COGM) and Income Statement for a manufacturing Company The following information is available for Davidson Corporation for 20YY: Inventories Raw Materials (RM) Work in process (WIP) Finished Goods (FG) January 1 December 31 75,000 72,000 68,000 67,000 80,000 75,000 1 Other Expenses Advertising expense Depreciation expense - office equipment Depreciation expense - factory equipment Direct labor Heat, light and power - factory Indirect labor Material purchased Office salaries expense Factory environmental costs Property taxes - office building Rent expense - factory Sales Sales salaries expense Supplies - factory Miscellaneous costs -factory 220,000 50,000 100,000 1,200,000 60,000 130,000 580,000 280,000 110.000 18,000 150,000 3,560,000 150,000 11,000 15,000 1 Required: Use the templates below to prepare the followings statements for the year ended December 20YY for Davidson Corporatio A. Statement of Costs of Goods Manufactured B. Statement of Costs of Goods Sold C. Income Statement Answer A. Davidson Corporation Statement of Cost of Goods Manufactured B. Davidson Corporation Statement of Cost of Goods Sold For the Year Ended December 31, 20YY Opening Finished goods 80,000 COGM 2,394,000 Less: Closing Finished goods inventory 75,000 COGS 2,319,000 C. $ Davidson Corporation Income Statement For the Year Ended December 31, 20YY Sales $1 3,560,000 COGS 2,319,000 Gross Margin 1,241,000 Operating Expenses Advertising expenses 220.000 Depreciation expense - office equipment 50,000 Office salaries expense 280,000 Property taxes - office building 18,000 Sales salaries expense 150,000 Total operating expense Net income 718,000 Davidson Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 20YY $ $ Beginning Work in progress inventory 68000 Beginning Raw Materials 75000 Purchases 580,000 Ending Raw materials 72,000 Raw materials used 727,000 Direct Labor 1200000 Factory Overhead Depreciation expense - factory equipment 100,000 Heat, light and power - factory 60,000 Indirect labor 130,000 Rent expense - factory 150,000 Supplies - factory 11,000 Miscellaneous costs -factory 15,000 total factory cost 466,000 total manufacturing cost 2,461,000 Less: Endind WIP inventory 67.000 COGM 2,394,000 . Davidson Corporation Statement of Cost of Goods Sold For the Year Ended December 31, 20YY Opening Finished goods 80,000 COGM 2,394,000 Less: Closing Finished goods inventory 75,000 COGS 2,319,000