Consider the following information for Huntersville Inc. for the fiscal year ended December 31.       Depreciation expense—administrative office $ 36,200   Depreciation expense—plant and equipment   92,000   Direct labor—wages   534,300   Materials Inventory, Dec. 31   35,000   Materials Inventory, Jan. 1   25,000   Direct materials purchases   185,000   Finished goods inventory, Dec. 31   24,400   Finished goods inventory, Jan. 1   16,200   Heat, light, and power—plant   47,600   Indirect labor   27,400   Property taxes—plant   37,000   Sales representatives’ salaries   151,000   Sales revenue   1,628,000   Factory supervisor’s salary   67,800   Supplies—administrative office   18,400   Supplies—plant   30,200   Work-in-process inventory, Dec. 31   11,400   Work-in-process inventory, Jan. 1   26,000       Required: Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31. Huntersville, Inc

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.          Administrative salaries $ 2,627,000 Depreciation on the administrative building   1,144,000 Depreciation on the manufacturing plant   1,752,000 Direct labor   4,694,500 Direct materials inventory, January 1   1,071,200 Direct materials inventory, December 31   1,237,000 Direct materials purchased during the year   8,958,000 Distribution costs   659,000 Finished goods inventory, January 1   1,644,000 Finished goods inventory, December 31   1,371,500 Indirect labor   544,000 Insurance (on manufacturing plant)   55,200 Legal fees   498,300 Maintenance (on the manufacturing plant)   217,400 Manufacturing plant utiities   786,100 Marketing costs   751,250 Other manufacturing plant costs   632,880 Sales revenue   22,656,920 Taxes (on manufacturing plant and…

Hardev

A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process inventory, January 1 18,000 Work in process inventory, December 31 12,000 Finished goods inventory, January 1 40,000 Finished goods inventory, December 31 32,000 Raw materials purchases 1,700,000 Direct labor 760,000 Factory utilities Indirect labor 150,000 50,000 Factory depreciation Operating expenses 400,000 420,000 What amount of the direct materials were used during the period?