Christian Company provided the following data for the year ended December 31, 2014: Sales Sales salaries Advertising Indirect labor Delivery expense Freight in Depreciation - machinery Factory taxes Purchases Direct labor Factory supplies expense Office supplies expense Office salaries Factory superintendence Doubtful accounts Factory maintenance Factory heat, light and power Income tax expense 8,000,000 520,000 120,000 Finished goods Goods in process Raw materials 600,000 160,000 80,000 50,000 130,000 1,600,000 1,480,000 120,000 30,000 800,000 480,000 100,000 150,000 220,000 170,000 Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: 200,000 decrease 90,000 decrease 100,000 increase Required: Prepare an income statement for the year ended December 31, 2014 supported by a schedule of cost goods manufactured.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Christian Company provided the following data for the year
ended December 31, 2014:
Sales
Sales salaries
Advertising
Indirect labor
Delivery expense
Freight in
Depreciation machinery
Factory taxes
Purchases
Direct labor
Factory supplies expense
Office supplies expense
Office salaries
Factory superintendence
Doubtful accounts
Factory maintenance
Factory heat, light and power
Income tax expense
8,000,000
520,000
120,000
600,000
160,000
80,000
50,000
130,000
1,600,000
1,480,000
120,000
30,000
800,000
480,000
100,000
150,000
220,000
170,000
Inventory balances at the end of the fiscal period as compared
with balances at the beginning of the fiscal period were as
follows:
Finished goods
Goods in process
Raw materials
Required:
Prepare an income statement for the year ended December
31, 2014 supported by a schedule of cost goods manufactured.
200,000 decrease
90,000 decrease
100,000 increase
Transcribed Image Text:Christian Company provided the following data for the year ended December 31, 2014: Sales Sales salaries Advertising Indirect labor Delivery expense Freight in Depreciation machinery Factory taxes Purchases Direct labor Factory supplies expense Office supplies expense Office salaries Factory superintendence Doubtful accounts Factory maintenance Factory heat, light and power Income tax expense 8,000,000 520,000 120,000 600,000 160,000 80,000 50,000 130,000 1,600,000 1,480,000 120,000 30,000 800,000 480,000 100,000 150,000 220,000 170,000 Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods Goods in process Raw materials Required: Prepare an income statement for the year ended December 31, 2014 supported by a schedule of cost goods manufactured. 200,000 decrease 90,000 decrease 100,000 increase
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