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This problem confuses me. Can someone look at this and help me understand how to do this please? Koufax Materials Corporation produces plastic products for

This problem confuses me. Can someone look at this and help me understand how to do this please?

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.

Administrative salaries $ 2,633,000
Depreciation on the administrative building 1,150,000
Depreciation on the manufacturing plant 1,758,000
Direct labor 4,700,500
Direct materials inventory, January 1 1,077,200
Direct materials inventory, December 31 1,243,000
Direct materials purchased during the year 8,964,000
Distribution costs 665,000
Finished goods inventory, January 1 1,650,000
Finished goods inventory, December 31 1,377,500
Indirect labor 550,000
Insurance (on manufacturing plant) 61,200
Legal fees 504,300
Maintenance (on the manufacturing plant) 223,400
Manufacturing plant utiities 792,100
Marketing costs 757,250
Other manufacturing plant costs 638,880
Sales revenue 22,662,920
Taxes (on manufacturing plant and property) 223,600
Work-in-process inventory, January 1 411,250
Work-in-process inventory, December 31 404,700

Required:

a. Prepare a cost of goods manufactured and sold statement.

b. Prepare an income statement.

image text in transcribed

KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Manufacturing costs: Direct materials: Manufacturing overhead: 0 Total overhead Total manufacturing costs Total cost of work-in-process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold (to income statement)

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