Problem 2-1 The following information is available for Satterfield”?s Custom Glass for the fiscal…

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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

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Beginning balance in Finished 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.

 

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