The following data appeared in Moline Company's records on December 31: Direct Materials Inventory, Dec. 31...

The following data appeared in Moline Company's records on December 31: Direct Materials Inventory, Dec. 31 $ 535,500 Direct Materials purchased during the year 2,268,000 Finished Goods Inventory, Dec. 31 567,000 Indirect labor 201,600 Direct labor 2,520,000 Factory heat, light, and power 234,360 Factory depreciation 396,900 Administrative salaries 323,820 Miscellaneous factory cost 200,970 Marketing costs 233,100 Other administrative costs 113,400 Maintenance on factory equipment 76,230 Insurance on factory equipment 119,700 Distribution costs – Selling/Shipping Cost 10,080 Taxes on manufacturing property 82,530 Legal fees on customer complaint 51,660 Direct materials put into production 2,407,230 Work-in-Process Inventory, Dec. 31 154,980 On January 1, the Finished Goods Inventory account had a balance of $280,000, and the Work-in-Process Inventory account had a balance of $90,650. Sales revenue for the year was $6,687,500. Required: (a) Prepare a cost of goods manufactured statement. (b) Prepare a cost of goods sold statement.

Expert Solution

Calculation of Factory overheads:

Part A- Cost of goods manufactured:

Part B- Cost of goods sold:

Part C- Income Statement:

All the best...

ekkarill92 answered 1 year ago

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