Note: Please provide in excel format (horizontal) Reddy Company commenced operat

Question

Note: Please provide in excel format (horizontal)

Reddy Company commenced operations in 2012. The company provided the following information for the year ended December 31, 2012.

Required:

1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012.
2) Prepare an income statement for the year ended December 31, 2012.

Administrative costs Depreciation on factory equipment Indirect materials Marketing and distribution costs Salaries for factory supervisors Wages for production workers Raw materials used Sales revenue Selling costs Utilities for production facilities Ending work in process inventory Ending finished goods invento $15,000 6,000 1,000 12,000 10,000 13,000 19,000 98,000 9,000 4,000 20,000 10,000

Explanation / Answer

cost of goods manufactured statement direct material 19000 wages for production workers 13000 depreciation on factory equipment 6000 indirect materials 1000 factory salaries 10000 utilities for production 4000 Less:ending WIP -20000 cost of goods manufactured 33000 Income statement Sales 98000 Less:COGS cost of goods manufactured 33000 Less:ending FG -10000 23000 Gross margin 75000 Less:selling cost 9000 Less:distribution cost 12000 Less:admin cost 15000 Net income 39000

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