52. Income Statement and Supporting Schedules. The following information is for Diablo, Inc., for the...
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52. Income Statement and Supporting Schedules. The following information is for Diablo, Inc., for the year ended December 31, 2011. Raw materials inventory beginning balance $ 60,000 Raw materials inventory ending balance $ 48,000 Work-in-process inventory beginning balance $3,300,000 Work-in-process inventory ending balance $3,600,000 Finished goods inventory beginning balance $2,460,000 Finished goods inventory ending balance $2,100,000 Raw material purchases $ 600,000 Direct labor used in production $ 750,000 Manufacturing overhead $3,780,000 Selling costs $ 540,000 General and administrative $1,440,000 Sales revenue $7,590,000 Of the total raw materials placed in production for the year, $72,000 was for indirect materials. Required: 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2011. 2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2011. 3. Prepare a schedule of cost of goods sold for the year ended December 31, 2011. 4. Prepare an income statement for the year ending December 31, 2011
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