Question

In: Finance

Mc-Entire manufactures: Sales for the year                                    &n

Mc-Entire manufactures:

Sales for the year                                                                                             698,000

Inventories at the beginning of the year                                               

      Finished goods                                                           12,400

      Work in process                                                        13,800  

      Materials                                                                      9,400

Purchased raw material during year                                                         220,000

Transportation In                                                                                                 5,000

Direct labor                                                                                                          107,350

Factory overhead 65% of labor cost                                                              --       

Inventories at the end of the year

Finished goods                                                                  19,300

Work in process                                                                15,200

Materials                                                                             10,900

Other expenses of the year

Marketing expense                                                                                         12,730

Administrative expense                                                                                19,200

Depreciation of office equipment                                                               5,500

Distribution cost                                                                                               11,000

Requirement:

  1. Prepare cost of goods sold statement
  2. Prepare income statement

Solutions

Expert Solution

jeff jeffy answered 1 year ago
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