The Income Statement and Balance Sheet columns of Omega Company's work sheet are shown bellow.
Additional information needed to prepare the financial statements is as follows:
|
Materials inventory, January 1 ........................................
|
$ 4,820
|
|
Work in process inventory, January 1 .............................
|
7,535
|
|
Finished goods inventory, January 1 ...............................
|
20,345
|
|
Materials purchases .........................................................
|
167,060
|
|
Direct labor ......................................................................
|
97,500
|
|
Actual factory overhead...................................................
|
104,300
|
|
Indirect materials charged to production .........................
|
3,800
|
Required:
1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.
2. Prepare a statement of retained earnings for the year ended December 31, 20--.
3. Prepare a balance sheet as of December 31, 20--.