The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2017:
Question:
The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory ................................ $ 210,000
Ending balance in Work in Process Inventory ...................................... 300,000
Beginning balance in Finished Goods Inventory .................................. 500,000
Ending balance in Finished Goods Inventory ...................................... 400,000
Direct material cost .................................................................. 2,500,000
Direct labor cost ...................................................................... 3,000,000
Manufacturing overhead ............................................................ 1,700,000
Selling and administrative expenses ............................................... 1,350,000
Sales ................................................................................. 8,500,000
Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2017. Ignore income taxes?
Step by Step Answer:
Given data Beginning balance in Work In Process Inventory 210000 Ending balance in Work In Process I...View the full answer
