Question

Chapter 03 Assignment Help Save Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. 133 oints eBook References Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue $ 160,000 79,000 330,000 52,000 26,000 33,000 460,000 552.000 289,000 57.000 47,000 38,000 26,000 41.000 101,000 134,000 81,000 36,000 43,000 330,000 3,093,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31 Complete this question by entering your answers in the tabs below. Stmt of COGM Income Catamant < Prey 8 of 8 !!! Next >

Answer 1

453000 5520000 Answer of Part 1: Fair Wind Yachts Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct Materials Materials Inventory, Beginning 260001 Add: Direct Materials Purchases 460000 Materials Available 486000 Less: Materials Inventory, Ending 33000 Direct Materials Used Direct Labor Factory Overhead: Depreciation Expense-Plant and Equipment 330000 Indirect Labor 289000 Insurance on Plant 38000 Heat and Light for Plant 26000 Supervisior's Salary-Plant 101000 Supplies Plant 134000 Repairs on Plant Building 41000 Total Factory Over head Total Manufacturing Costs to Account for Add: Work in Process Inventory-Beginning Total Manufacturing Costs to Account for Less: Work in Process Inventory-Ending Cost of Goods Manufactured 959009 1964000 36000 2000000 430001 1957000

3093000 Answer of Part 2 Fair Wind Yachts Income Statement For the Year Ended December 31 Revenue Cost of Goods Sold Finished Goods Inventory-Beginning 570001 Add: Cost of Goods Manufactured 1957000 Total Goods Available for Sale 2014000 Less: Finished Goods Inventory-Ending 47000 Cost of Goods Sold Gross Profit Sellig and Administrative Expenses: Advetising Expenses 160000 Sales Representatives Salaries 330000 Supplies-Administrative Office 81000 Total Selling and Administrative Expenses EBITDA Less: Depreciation Depreciation Expense-Administrative Office 79000 Depreciation Expense-Delivery Trucks 52000 Net Income 1967000 1126000 5 71000 555000 131000 424000