The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2011.
Beginning balance in Work in Process........... $ 200,000
Ending balance in Work in Process ............ $ 300,000
Beginning balance in Fini5hed Goods........... $ 500,000
Ending balance in Finished Goods............. $ 400,000
Direct material cost................... $ 2,000,000
Direct labor cost.................. $ 2,400,000
Manufacturing overhead................. $ 1,700,000
Selling expenses.................. $ 250,000
General and administrative expenses.......... $ 450,000
Sales........................ $ 8,000,000
Required:
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2011 Ignore income taxes.