Question - Cost of goods manufactured. Consider the following account balances (in thousands) for the Canseco Company:
|
Canseco Company
|
Beginning of 2009
|
End of 2009
|
|
Direct materials inventory
|
$22,000
|
$26,000
|
|
Work-in-process inventory
|
21,000
|
20,000
|
|
Finished goods inventory
|
18,000
|
23,000
|
|
Purchases of direct materials
|
|
75,000
|
|
Direct manufacturing labor
|
|
25,000
|
|
Indirect manufacturing labor
|
|
15,000
|
|
Plant Insurance
|
|
9,000
|
|
Depreciation -- plant and building, and equipment
|
|
11,000
|
|
Repairs and maintenance -- plant
|
|
4,000
|
|
Marketing, distribution, and customer-service costs
|
|
93,000
|
|
General and administrative costs
|
|
29,000
|
Required -
1. Prepare a schedule for the cost of goods manufactured for 2009?
2. Revenues for 2009 were $300 million. Prepare the income statement for 2009?