Question - The following information applies to the General Lawnmower Company for the year ended December 31, 2010:
Factory Rent $80,000
Direct Materials Inventory, Beginning $50,000
Direct Materials Inventory, Ending $45,000
Direct Materials Purchases $325,000
Direct Labor-Wages $550,000
Indirect Labor-Wages $25,000
Finished Goods Inventory, Beginning $50,000
Finished Goods Inventory, Ending $75,000
Indirect Materials $50,000
Plant Utilities $25,000
General and Administrative $130,000
Work-in-Process Inventory, Beginning $50,000
Work-in-Process Inventory, Ending $55,000
Marketing Expenses $180,000
Sales Revenue $1,825,000
Required: Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2010.