You recently began an internship in the accounting department of Front Range Furniture. As your first assignment you were asked to perform a cost analysis and reporting for the year ended December 31, 2019.

Advertising expense $22,250 Direct labor $564,500

Depreciation expense Office Equip $10,440 Income taxes expense $138,700

Depreciation expense Selling Equip. $ 12,125 Indirect labor $61,000

Depreciation expense Factory Equip. $37,400 Misc. Production costs $10,400

Factory supervision $123,400 Office salaries expense $ 72,875

Factory supplies used (indirect materials) $8,060 Raw Materials purchased $896,375

Factory utilities $39,500 Rent expense- office $25,625

INVENTORIES: Rent expense- selling space $29,000

Raw Materials, Dec 31, 2018 $42,375 Rent expense- factory building $95,500

Raw Materials, Dec 31, 2019 $72,430 Maintenance expense- factory $32,375

Goods-in-Process, Dec 31, 2018 $14,500 Sales $5,002,000

Goods-in-Process, Dec 31, 2019 $16,100 Sales discounts $59,375

Finished Goods, Dec 31, 2018 $179,200 Sales salaries expense $297,300

Finished Goods, Dec 31, 2019 $143,750

Prepare a Statement of Cost of Goods , Income Statement , Please use the T-Accounts provided in your working papers to demonstrate your understanding of cost flows, prepare a journal entries from the information in the table above and complete a cost classification chart.