Schedules of Cost of Goods Manufactured and Sold; Income Statement
The following data refer to San Fernando Fashions Company for the year 20x2:
Sales revenue | $950,000 |
Work-in-process inventory, December 31 | 30,000 |
Work-in-process inventory, January 1 | 40,000 |
Selling and administrative expenses | 150,000 |
Income tax expense | 90,000 |
Purchases of raw material | 180,000 |
Raw-material inventory, December 31 | 25,000 |
Raw-material inventory, January 1 | 40,000 |
Direct labor | 200,000 |
Utilities: plant | 40,000 |
Depreciation: plant and equipment | 60,000 |
Finished-goods inventory, December 31 | 50,000 |
Finished-goods inventory, January 1 | 20,000 |
Indirect material | 10,000 |
Indirect labor | 15,000 |
Other manufacturing overhead | 80,000 |
Required:
1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year.
2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year.
3. Prepare San Fernando Fashions' income statement for the year.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if raw-material purchases amounted to $190,000 and indirect labor was $20,000.
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