Module Assignment:
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
|
1 Prepare the 20XX statement of cost of goods manufactured.
2 Prepare the 20XX income statement.