Problem
Cost of Goods Manufactured, Cost of Goods Sold, and Income The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2020:
|
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
• Prepare a schedule of cost of goods manufactured.
• Prepare an income statement for fiscal 2020. Ignore income taxes.
The response should include a reference list. Using one-inch margins, Times New Roman 12 pnt font, double-space and APA style of writing and citations.