Question
Using the information provided in Exhibit 2; prepare the following statements in proper format including titles, and proper underlining: i) The detailed formal Cost of
Using the information provided in Exhibit 2; prepare the following statements in proper format including titles, and proper underlining: i) The detailed formal Cost of Goods Manufactured Statement for the year ended December 31, 2020. (10 Marks) ii)The detailed formal Traditional Income Statement for the year ended December 31, 2020. (10 Marks) {No page limit}
Exhibit 2
Drafted ESFs Statement of Operating Income for Ended December 31, 2020
| |
Sales | $ 3,114,160 |
Salesroom Utilities and Fuel | 6,491 |
Office Equipment Depreciation | 8,400 |
Other Administrative Expenses | 11,548 |
Factory Miscellaneous Components | 13,142 |
Manufacturing Maintenance Supplies | 17,373 |
Production Cleaning Supplies | 24,993 |
Manufacturing Maintenance | 25,224 |
Property Taxes - Factory | 25,520 |
Amortization - Factory Machinery | 28,555 |
Office Maintenance | 38,718 |
Shipping Costs | 42,893 |
Furniture Accessories | 46,013 |
Salesroom Building Depreciation | 48,600 |
Fibber Filling | 50,856 |
Promotional Materials | 120,283 |
Factory Building Insurance | 62,013 |
Salesroom Property Taxes and Insurance | 65,283 |
Amortization-Factory Building | 68,750 |
Advertising | 71,852 |
Factory Utilities | 81,417 |
Production Supervisor Salary | 90,000 |
Salespeople Travel | 92,788 |
Warehouse Wages | 152,817 |
Sales Staff Commissions | 249,133 |
Timber furniture components | 311,416 |
Administrative Wages | 368,000 |
Production payroll | 934,248 |
Total Expenses and Costs | 3,056,326 |
Operating Income | $ 57,834 |
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