Question
The following data pertain to Spartan Products Company: Sales revenue$2,050,000Materials inventory, Jan. 127,000Direct laborwages385,000Depreciation expenseplant and equipment87,000Indirect laborwages12,000Heat, light, and powerplant15,500Supervisor's salaryplant47,000Finished goods inventory, Jan.
The following data pertain to Spartan Products Company:
Sales revenue$2,050,000Materials inventory, Jan. 127,000Direct laborwages385,000Depreciation expenseplant and equipment87,000Indirect laborwages12,000Heat, light, and powerplant15,500Supervisor's salaryplant47,000Finished goods inventory, Jan. 138,500Work-in-process inventory, Dec. 3128,500Suppliesadministrative office7,400Property taxesplant27,000Finished goods inventory, Dec. 3147,000Materials inventory, Dec. 3133,500Sales representatives' salaries295,000Work-in-process inventory, Jan. 142,000Materials purchases184,000Suppliesplant6,800Depreciationadministrative office40,500.
Required:
prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.
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