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The following data relates to the Taylor, Inc: Direct Materials Inventory, Beginning $110 Direct Materials Inventory, Ending $80 Direct Materials Purchases $430 Direct Labor $210
The following data relates to the Taylor, Inc: |
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Direct Materials Inventory, Beginning | $110 |
Direct Materials Inventory, Ending | $80 |
Direct Materials Purchases | $430 |
Direct Labor | $210 |
Factory Overhead | $240 |
Work-in-Process Inventory, Beginning | $170 |
Work-in-Process Inventory, Ending | $180 |
Finished Goods Inventory, Beginning | $320 |
Finished Goods Inventory, Ending | $240 |
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Sales Revenue | $1,520 |
Selling and Administrative Expenses | $210 |
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Income Tax Rate | 21% |
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Required: |
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a. Prepare a Statement of Cost of Goods Manufactured. |
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b. Prepare an Income Statement. |
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