Question:
A review of accounts showed the following for Pacific Parts for last year:
|
Administrative costs
|
$1,216,000
|
|
Depreciation, manufacturing
|
412,000
|
|
Direct labor
|
1,928,000
|
|
Direct materials purchases
|
1,252,000
|
|
Direct materials inventory, January 1
|
408,000
|
|
Direct materials inventory, December 31
|
324,000
|
|
Finished goods inventory, January 1
|
640,000
|
|
Finished goods inventory, December 31
|
588,000
|
|
Heat, light, and power-plant
|
348,000
|
|
Marketing costs
|
1,088,000
|
|
Miscellaneous manufacturing costs
|
48,000
|
|
Plant maintenance and repairs
|
296,000
|
|
Sales revenue
|
8,144,000
|
|
Supervisory and indirect labor
|
508,000
|
|
Supplies and indirect materials
|
56,000
|
|
Work-in-process inventory, January 1 . .
|
540,000
|
|
Work-in-process inventory, December 31
|
568,000
|
Prepare an income statement with a supporting cost of goods manufactured and sold statement.