Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $ 83 Work-in-process inventory 114 Finished goods inventory 1,640 Information for the year: Administrative costs $ 3,650 Direct labor 12,900 Direct materials purchases 8,200 Factory and machine depreciation 11,690 Factory supervision 731 Factory utilities 925 Indirect factory labor 2,940 Indirect materials and supplies 678 Marketing costs 1,550 Property taxes on factory 300 Sales revenue 45,800 Information on December 31 (Ending): Direct materials inventory $ 91 Work-in-process inventory 150 Finished goods inventory 1,480 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $ 83 Work-in-process inventory 114 Finished goods inventory 1,640 Information for the year: Administrative costs $ 3,650 Direct labor 12,900 Direct materials purchases 8,200 Factory and machine
Step by step
Solved in 3 steps
