Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 25,300...

Manufacturing costs for Davenport Company during 2018 were as follows:


Beginning Finished Goods, 1/1/18	$	25,300
Beginning Raw Materials, 1/1/18		36,700
Beginning Work in Process, 1/1/18		111,500
Direct Labor for 2018	$	276,500
Ending Finished Goods, 12/31/18		23,600
Ending Raw Materials, 12/31/18		40,850
Ending Work in Process, 12/31/18		121,800
Material Purchases for 2018		305,400
(including $21,000 of indirect material)

Note: The pre-determined overhead rate is 0.87 (87%) of direct labor cost.

Required:

1. Prepare a Cost of Goods Manufactured report.

2. Prepare a Partial Income Statement if sales revenue was $1,370,000 and operating expenses were $270,000 for 2018.

Expert Solution

ekkarill92 answered 3 years ago

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