The following information is available for Robstown Corporation for 20Y8:
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Inventories |
January 1 |
December 31 |
| Materials | $351,000 | $435,800 |
| Work in process | 625,200 | 590,400 |
| Finished goods | 607,400 | 571,000 |
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December 31 |
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| Advertising expense | $ 296,600 |
| Depreciation expense-office equipment | 43,560 |
| Depreciation expense-factory equipment | 55,880 |
| Direct labor | 669,000 |
| Heat, light, and power-factory | 22,060 |
| Indirect labor | 76,000 |
| Materials purchased | 658,200 |
| Office salaries expense | 183,300 |
| Property taxes-factory | 18,300 |
| Property taxes-office building | 31,200 |
| Rent expense-factory | 32,500 |
| Sales | 3,011,000 |
| Sales salaries expense | 417,000 |
| Supplies-factory | 16,000 |
| Miscellaneous costs-factory | 9,200 |
| Required: | |||
| a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* | |||
b. Prepare the 20Y8 income statement.
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Amount Descriptions
| Amount Descriptions | |
| Advertising expense | |
| Cost of direct materials used in production | |
| Cost of finished goods available for sale | |
| Cost of goods manufactured | |
| Cost of goods sold | |
| Cost of materials available for use | |
| Depreciation expense-factory equipment | |
| Depreciation expense-office equipment | |
| Direct labor | |
| Finished goods inventory, December 31, 20Y8 | |
| Finished goods inventory, January 1, 20Y8 | |
| Gross profit | |
| Heat, light, and power-factory | |
| Indirect labor | |
| Materials inventory, December 31, 20Y8 | |
| Materials inventory, January 1, 20Y8 | |
| Miscellaneous costs-factory | |
| Net income | |
| Office salaries expense | |
| Property taxes-factory | |
| Property taxes-office building | |
| Purchases | |
| Rent expense-factory | |
| Sales | |
| Sales salaries expense | |
| Supplies-factory | |
| Total manufacturing costs incurred in 20Y8 | |
| Total operating expenses | |
| Work in process inventory, December 31, 20Y8 | |
| Work in process inventory, January 1, 20Y8 |
Statement of Cost of Goods Manufactured
a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
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Robstown Corporation |
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Statement of Cost of Goods Manufactured |
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For the Year Ended December 31, 20Y8 |
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Direct materials: |
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Factory overhead: |
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Total factory overhead |
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Total manufacturing costs |
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Income Statement
b. Prepare the 20Y8 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
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Robstown Corporation |
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Income Statement |
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For the Year Ended December 31, 20Y8 |
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Cost of goods sold: |
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Operating expenses: |
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Administrative expenses: |
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Selling expenses: |
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