(SOLVED) The following information is available for Satterfield s Custom Glass for


Question Description:

$19

The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2014:
Beginning balance in Work in Process Inventory…………………….. $ 210,000
Ending balance in Work in Process Inventory………………………… 300,000
Beginning balance in Finished Goods Inventory……………………… 500,000
Ending balance in Finished Goods Inventory…………………………. 400,000
Direct material cost……………………………………………………. 2,500,000
Direct labor cost………………………………………………………. 3,000,000
Manufacturing overhead……………………………………………… 1,700,000
Selling and administrative expenses………………………………….. 1,350,000
Sales…………………………………………………………………… 8,500,000
Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2014. Ignore income taxes.

Answer

$19