Question:
Prepare Statements for a Manufacturing Company
Pioneer Parts, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
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Information on January 1 (Beginning):
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Direct materials inventory
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$ 18
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Work-in-process inventory
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24
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Finished goods inventory
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328
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Information for the year:
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Administrative costs
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$ 720
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Direct labor
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2,120
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Direct materials purchases
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1,640
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Factory and machine depreciation
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2,320
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Factory supervision
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420
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Factory utilities
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180
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Indirect factory labor
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560
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Indirect materials and supplies
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140
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Marketing costs
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300
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Property taxes on factory
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56
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Sales revenue
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9,080
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Information on January 31 (Ending):
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Direct materials inventory
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$ 16
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Work-in-process inventory
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28
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Finished goods inventory
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294
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Required
Prepare an income statement with a supporting cost of goods sold statement.