Advertising expenses Depreciation expense-admin. office Depreciation expense-pla

Question

Advertising expenses Depreciation expense-admin. office Depreciation expense-plant and equip Depreciation expense-delivery trucks Direct materials inventory, beginning Direct materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue s150,000 75,000 320,000 410,000 269,000 22,000 36,000 98,000 132,000 39,000 325,000 2,885,000 Required Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts, Inc., for the year ended December 31

Explanation / Answer

T-accounts:

Fair Wind Yatchs, Inc. Statement of Cost of Goods Manufactured For the Year Ended December 31 Work in process inventory, beginning 31000 Direct materials: Direct Materials inventory, beginning 16000 Add: Purchases 410000 Cost of materials available for use 426000 Less: Direct Materials inventory, ending 18000 Cost of direct materials used in production 408000 Direct labor 512000 Factory overhead: Indirect labor 269000 Depreciation expense-plant and equip. 320000 Insurance on plant 32000 Heat and light for plant 22000 Repairs on plant building 36000 Supervisor's salary-plant 98000 Supplies-plant 132000 Total factory overhead 909000 Total manufacturing costs incurred 1829000 Total manufacturing costs 1860000 Less: Work in process inventory, ending 39000 Cost of goods manufactured 1821000

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