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Cost Accounting REQUIRED: Prepare an income statement with a supporting cost of goods sold statement. Mid - Valley Fabrication provides the following financial information for the most recent fiscal year: Inventories: As of January 1: Direct materials 12,000 Work-in-process 15,000 Finished Goods 25,000 As of December 31: Direct materials 20,000 Work-in -process 10,000 Finished Goods 40,000 Other amounts (for the year): Administrative costs 64,000 Direct labor 76,000 Direct material purchases 124,000 Indirect plant labor 14,000 Indirect plant supplies 10,000 Machine depreciation 8,500 Marketing costs 139,000 Plant depreciation 16,000 Plant supervision 54,000 Plant utilities 11,500 Property taxes on plant and equipment 14,000 Sales revenue 622,000 REQUIRED: Prepare an income statement with a supporting cost of goods sold statement.

Cost Accounting REQUIRED: Prepare an income statement with a supporting cost of goods sold statement. Mid - Valley Fabrication provides the following financial information for the most recent fiscal year: Inventories: As of January 1: Direct materials 12,000 Work-in-process 15,000 Finished Goods 25,000 As of December 31: Direct materials 20,000 Work-in -process 10,000 Finished Goods 40,000 Other amounts (for the year): Administrative costs 64,000 Direct labor 76,000 Direct material purchases 124,000 Indirect plant labor 14,000 Indirect plant supplies 10,000 Machine depreciation 8,500 Marketing costs 139,000 Plant depreciation 16,000 Plant supervision 54,000 Plant utilities 11,500 Property taxes on plant and equipment 14,000 Sales revenue 622,000 REQUIRED: Prepare an income statement with a supporting cost of goods sold statement.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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Cost Accounting REQUIRED: Prepare an income statement with a supporting cost of goods sold statement. Mid - Valley Fabrication provides the following financial information for the most recent fiscal year: Inventories: As of January 1: Direct materials 12,000 Work-in-process 15,000 Finished Goods 25,000 As of December 31: Direct materials 20, 000 Work-in - process 10,000 Finished Goods 40,000 Other amounts (for the year): Administrative costs 64,000 Direct labor 76,000 Direct material purchases 124, 000 Indirect plant labor 14,000 Indirect plant supplies 10,000 Machine depreciation 8,500 Marketing costs 139,000 Plant depreciation 16,000 Plant supervision 54,000 Plant utilities 11,500 Property taxes on plant and equipment 14,000 Sales revenue 622,000 REQUIRED: Prepare an income statement with a supporting cost of goods sold statement.
Transcribed Image Text:Cost Accounting REQUIRED: Prepare an income statement with a supporting cost of goods sold statement. Mid - Valley Fabrication provides the following financial information for the most recent fiscal year: Inventories: As of January 1: Direct materials 12,000 Work-in-process 15,000 Finished Goods 25,000 As of December 31: Direct materials 20, 000 Work-in - process 10,000 Finished Goods 40,000 Other amounts (for the year): Administrative costs 64,000 Direct labor 76,000 Direct material purchases 124, 000 Indirect plant labor 14,000 Indirect plant supplies 10,000 Machine depreciation 8,500 Marketing costs 139,000 Plant depreciation 16,000 Plant supervision 54,000 Plant utilities 11,500 Property taxes on plant and equipment 14,000 Sales revenue 622,000 REQUIRED: Prepare an income statement with a supporting cost of goods sold statement.
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