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A San Ysidro Company manufactures hiking equipment. The company's administrative and manufacturing operations share the company's only building. Eighty percent of the building is used for manufacturing and the remainder is used for administrative activities. Indirect labor is 8 percent of direct labor. The cost accountant at San Ysidro has compiled the following information for the year ended December 31. Administrative salaries Attorney fees to settle zoning dispute Building depreciation (manufacturing portion only) Cost of goods manufactured Direct naterials inventory, December 31 Direct materials purchased during the year Direct materials used Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Insurance (on plant machinery) Maintenance (on plant machinery) Marketing costs Other plant costs Plant utilities Sales revenue Taxes on manufacturing property Total (direct and indirect) labor Work-in-process inventory, January 1 Work-in-process inventory, December 31 Required: 1. Prepare a cost of goods manufactured and sold statement. 2. Prepare an income statement. $ 192,000 22,960 181,440 2,776,760 248,000 1,008,000 1,069,880 4,480 224,000 252,000 53,200 33,880 103,600 82,160 104,160 4,550,000 38,800 1,209,600 72,520 68,880
Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Prepare a cost of goods manufactured and sold statement. Income Stmt Manufacturing costs: Direct materials: Manufacturing overhead: SAN YSIDRO COMPANY Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Prov 55 *** Nout
COGM and COGS Stmts Income Stmt Prepare an income statement. SAN YSIDRO COMPANY Income Statement For the Year Ended December 31 Total operating costs < COGM and COGS Stmts 0 Income Stmt