Question
The following costs and inventory data were taken from the accounts of Kobe Inc. for 2019: Inventories: Raw materials Work in process Finished goods
The following costs and inventory data were taken from the accounts of Kobe Inc. for 2019: Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses Sales January 1, 2019 $ 8,000 15,000 16,000 December 31, 2019 $ 7,000 13,000 12,000 $98,000 42,000 8,000 10,000 6,000 9,000 17,000 300,000 Instructions a. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2019. b. Prepare the Inventory portion of the balance sheet as of December 31, 2019. c. Prepare a partial income statement (stopping at gross margin) for the year ended December 31, 2019.
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