The following information was available for Hamilton Industries for the year 20XX:
| Inventories |
1-Jan |
31-Dec |
|
|
| Materials |
$85,000 |
$105,000 |
|
|
| Work in process |
120,000 |
105,000 |
|
|
| Finished goods |
125,000 |
110,000 |
|
|
| |
|
|
|
|
|
| Advertising expense |
$75,000 |
| Depreciation expense-office equipment |
25,000 |
| Depreciation expense-factory equipment |
16,000 |
| Direct Labor |
205,000 |
| Heat, light, and power-factory |
6,500 |
| Indirect labor |
26,000 |
| Materials purchased |
135,000 |
| Office salaries expense |
85,000 |
| Property taxes-factory |
4,500 |
| Property taxes-headquarters |
15,000 |
| Rent expense-factory |
7,500 |
| Sales |
950,000 |
| Sales salaries expense |
150,000 |
| Supplies-factory |
3,500 |
| Miscellaneous cost-factory |
4,500 |
Requirements:
1. Prepare the 20XX statement of cost of goods manufactured.
2. Prepare the 20XX income statement.