Schedule of Cost of Goods Manufactured and Sold; Income Statement
The following data refer to Twisto Pretzel Company for the year 20x1.
Work-in-process inventory, 12/31/x0 | $ 8,100 |
Selling and administrative salaries | 13,800 |
Insurance on factory and equipment | 3,600 |
Work-in-process inventory, 12/31/x1 | 8.300 |
Finished-goods inventory, 12/31 /x0 | 14.000 |
Cash balance, 12/31/xl | 6,000 |
Indirect material used | 4,900 |
Depreciation on factory equipment | 2,100 |
Raw-material inventory, 12/31/x0 | 10,100 |
Property taxes on factory | 2,400 |
Finished-goods inventory, 12/31/x1 | 15,400 |
Purchases of raw material in 20x1 | 39,000 |
Utilities for factory | 6,000 |
Utilities for sales and administrative offices | 2,500 |
Other selling and administrative expenses | 4,000 |
Indirect-labor cost incurred | 29,000 |
Depreciation on factory building | 3,800 |
Depreciation on cars used by sales personnel | 1,200 |
Direct-labor cost incurred | 79,000 |
Raw-material inventory, 12/31/x1 | 11,000 |
Accounts receivable, 12/31/x1 | 4,100 |
Rental for warehouse space to store raw material | 3,100 |
Rental of space for company president's office | 1,700 |
Applied manufacturing overhead | 58,000 |
Sales revenue | 205,800 |
Income tax expense | 5,100 |
Required:
1. Prepare Twisto Pretzel Company's schedule of cost of goods manufactured for 20x 1.
2. Prepare the company's schedule of cost of goods sold for 20x 1. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company's income statement for 20x 1.
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