Problem: You are provided with the following figures for Rollins Corp. for the 2011 year.
Sales 700,000
Direct Labor 92,000
Indirect Material 8,000
Work in Progress 1/1/11 22,000
Rent - Store 15,000
Electricity - Factory 20,000
Purchases, Raw Material 158,000
Sales Salaries 28,000
Finished Goods 1/1/11 35,000
Advertising 19,000
Electricity - Store 7,000
Factory Security 14,000
Depreciation - Machinery 17,000
Work in Progress 12/31/11 15,000
Rent - Factory 36,000
Raw Material 12/31/11 12,000
Indirect Labor 21,000
Finished Goods 12/31/11 23,000
Insurance - Factory 9,000
Raw Material 1/1/11 8,000
Sales Commission 34,000
Depreciation - Store Fixtures 8,000
Required to do:
1. Complete a Cost of Goods Manufactured Schedule, in proper form.
2. Complete an Income Statement, in proper form.
The schedule and statement should be in proper form - this means they should look like they would in an annual report and individual overheads should be listed rather than just a total being given.