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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

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

    © BrainMass Inc. brainmass.com June 4, 2020, 3:37 am ad1c9bdddf
    https://brainmass.com/business/income-statement/cost-goods-income-statement-creation-524372

    Attachments

    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.

    $2.19

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