Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory. Spencers accounting records provide the following information:

Purchases of direct materials	$2,360,000
Direct materials inventory, January 1	290,000
Direct materials inventory, December 31	110,000
Direct labor	1,200,000
Indirect labor	334,000
Depreciation, factory building	525,000
Depreciation, factory equipment	416,000
Property taxes on factory	65,000
Utilities, factory	150,000
Insurance on factory	200,000
Salary, sales supervisor	85,000
Commissions, salespersons	214,000
Advertising	500,000
General administration	390,000
Work-in-process inventory, January 1	440,000
Work-in-process inventory, December 31	750,000
Finished goods inventory, January 1	107,500
Finished goods inventory, December 31	488,750

Required:

1. Prepare a cost of goods manufactured statement.

Spencer Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials:
	$fill in the blank f721dbfc9025f8f_2
	fill in the blank f721dbfc9025f8f_4
	$fill in the blank f721dbfc9025f8f_6
	fill in the blank f721dbfc9025f8f_8
		$fill in the blank f721dbfc9025f8f_10
		fill in the blank f721dbfc9025f8f_12
Manufacturing overhead:
	$fill in the blank f721dbfc9025f8f_14
	fill in the blank f721dbfc9025f8f_16
	fill in the blank f721dbfc9025f8f_18
	fill in the blank f721dbfc9025f8f_20
	fill in the blank f721dbfc9025f8f_22
	fill in the blank f721dbfc9025f8f_24	fill in the blank f721dbfc9025f8f_25
Total manufacturing costs added		$fill in the blank f721dbfc9025f8f_26
		fill in the blank f721dbfc9025f8f_28
		fill in the blank f721dbfc9025f8f_30
Cost of goods manufactured		$fill in the blank f721dbfc9025f8f_31

2. Compute the cost of producing one case of sports drink last year. If required, round your answer to the nearest cent.

$fill in the blank 702586f0d076fe7_1 per case

3. Prepare an income statement on an absorption-costing basis. Show the percentage of sales that each line item represents. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.

Spencer Company
Income Statement: Absorption Costing
For the Year Ended December 31
			Percent
		fill in the blank 78696700efdf03d_2	fill in the blank 78696700efdf03d_3%
Cost of goods sold:
	fill in the blank 78696700efdf03d_5
	fill in the blank 78696700efdf03d_7
	fill in the blank 78696700efdf03d_9
	fill in the blank 78696700efdf03d_11	fill in the blank 78696700efdf03d_12	fill in the blank 78696700efdf03d_13%
		fill in the blank 78696700efdf03d_15	fill in the blank 78696700efdf03d_16
Less: Operating expenses:
	fill in the blank 78696700efdf03d_18
	fill in the blank 78696700efdf03d_20
	fill in the blank 78696700efdf03d_22	fill in the blank 78696700efdf03d_23	fill in the blank 78696700efdf03d_24%
		fill in the blank 78696700efdf03d_26	fill in the blank 78696700efdf03d_27%
		fill in the blank 78696700efdf03d_29	fill in the blank 78696700efdf03d_30%