Question

blem Saved Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboatric 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 Ya Complete this question by entering your answers in the tabs below. Income

330,000 to 101000 is incorrect
insurance on plant to depreciation expense amount are wrong

Answer 1

Faie wind rechts statement of cost of Goods Manufactured For the year ended oocember 31 Rashiculares Aml G160000 Direct material Begining material Inventory 260,00 Material puzchases material available 486.000 Leas! Ending materic Inventoey (33.000) Direct materials used 4.53.000 Direct Labour 5.521000 Factory overheado Indirect Labour $ 2.89.000 Inourance 38.000 261000 Heat and light 10% plant 421000 Repaies on plant Building Supet's viso's salary plant bol...000 dep. exp. plant & equipment 3.301000 Supplies plant 1:34.000 on plant 959.000 1.9641000 362000 Total factory ovelhead Total monufacturing costs to ALLOZ Add: Begining WIP Inventory Total manufacturing costs Leos: Ending wIP Inventory (43,000) $1.957.000 cost of goods manufactured

Atacademy Fair wind Yachts Income statement Fo & the year ended 31. Particulars Amt Amt 3,093.000 Sales Revenue (1.957,000) cost of goods sold 11,36100U Cross prodit 160.000 193,30,000 (2 operating expenses Advertising expenses dep.exp on administrative office dep. exp on delivery Trucks supplies administrative office 52,000 81,000 3.30,000 5 alos represantives salary Net Income