Cost of Goods Manufactured; Income Statement
Consider the following information for Blue Water Equipment, Inc., a manufacturer of sailboat rigging, blocks, and cordage.
Advertising expenses | $111,000 |
Depreciation expense—admin. office | 88,000 |
Depreciation expense—plant and equip. | 299,000 |
Depreciation expense—delivery trucks | 55,000 |
Direct materials inventory, beginning | 22,000 |
Direct materials inventory, ending | 16,000 |
Direct materials purchases | 348,000 |
Direct labor | 455,000 |
Indirect labor | 329,000 |
Finished goods inventory, beginning | 66,000 |
Finished goods inventory, ending | 42,000 |
Insurance on plant | 44,000 |
Heat and light for plant | 23,000 |
Repairs on plant building | 34,000 |
Supervisor’s salary—plant | 85,000 |
Supplies—plant | 118,000 |
Supplies—administrative office | 42,000 |
Work-in-process inventory, beginning | 14,000 |
Work-in-process inventory, ending | 11,000 |
Sales representatives’ salaries | 216,000 |
Sales revenue | 2,312,000 |
Required Prepare a statement of cost of goods manufactured and an income statement for Blue Water Equipment, Inc. for the year ended December 31, 2010.
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