The following data pertain to Spartan Products Company: Sales Revenue 1,000,000 Direct materials inventory, Jan 1, 2004 20,000 Direct labor-Wages 350,000 Depreciation expense-Plant and equipment 80,000 Indirect labor-Wages 5,000 Heat, Light, and power - Plant 12,000 Supervisor's salary-Plant 40,000 Finished goods inventory, Jan 1, 2004 35,000 Work in Process inventory, Dec, 31, 2004 25,000 Supplies-Administrative office 6,000 Property taxes-Plant 13,000 Finished goods inventory, Dec 31, 2004 40,000 Direct materials inventory, Dec 31, 2004 30,000 Sales representative's salaries 190,000 Work in Process inventory, Jan, 1, 2004 35,000 Direct materials purchases 100,000 Supplies-Plant 4,000 Depreciation-Administrative office 30,000 Required Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31, 2004,
The following data pertain to Spartan Products Company:
|
Sales Revenue |
1,000,000 |
|
Direct materials inventory, Jan 1, 2004 |
20,000 |
|
Direct labor-Wages |
350,000 |
|
Depreciation expense-Plant and equipment |
80,000 |
|
Indirect labor-Wages |
5,000 |
|
Heat, Light, and power - Plant |
12,000 |
|
Supervisor's salary-Plant |
40,000 |
|
Finished goods inventory, Jan 1, 2004 |
35,000 |
|
Work in Process inventory, Dec, 31, 2004 |
25,000 |
|
Supplies-Administrative office |
6,000 |
|
Property taxes-Plant |
13,000 |
|
Finished goods inventory, Dec 31, 2004 |
40,000 |
|
Direct materials inventory, Dec 31, 2004 |
30,000 |
|
Sales representative's salaries |
190,000 |
|
Work in Process inventory, Jan, 1, 2004 |
35,000 |
|
Direct materials purchases |
100,000 |
|
Supplies-Plant |
4,000 |
|
Depreciation-Administrative office |
30,000 |
Required
Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31, 2004,
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