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Cost of Goods and Income Statement Creation

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Consider the following information for Household Furnishings, Inc. for the year ended December 31, 2013:

Depreciation expense-administrative office $33,000
Depreciation expense-plant and equipment 88,000
Direct labor-wages 487,000
Direct material inventory, Dec. 31, 2013 25,000
Direct material inventory, Jan. 01, 2013 18,000
Direct materials purchases 155,000
Finished goods inventory Dec. 31, 2013 38,000
Finished goods inventory Jan. 01, 2013 15,000
Heat, light, and power plant 44,000
Indirect Labor 25,000
Property taxes-plant 34,000
Sales representative salaries 145,000
Sales revenue 1,500,000
Factory supervisors salary 66,000
Supplies-administrative office 16,000
Supplies-plant 29,000
Work-in-process inventory, Dec. 31, 2013 9,000
Work-in-process inventory, Jan. 01 2013 23,000

Prepare a schedule of cost of goods manufactured and an income statement for Household Furnishings for the
for the year ended December 31, 2013.

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Solution Summary

The attached file contains detailed illustrations and instructions for the creation of a cost of goods manufactured schedule and income statement for the Household Furnishings organization.

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