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Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage.
Advertising expenses$160,000
Depreciation expenseadministrative office79,000
Depreciation expenseplant and equipment330,000
Depreciation expensedelivery trucks52,000
Materials inventory, beginning26,000
Materials inventory, ending33,000
Direct materials purchases460,000
Direct labor
552,000Indirect labor289,000
Finished goods inventory, beginning57,000
Finished goods inventory, ending47,000
Insurance on plant38,000
Heat and light for plant26,000
Repairs on plant building41,000
Supervisor's salaryplant101,000
Suppliesplant134,000
Suppliesadministrative office81,000
Work-in-process inventory, beginning36,000
Work-in-process inventory, ending43,000
Sales representatives' salaries330,000
Sales revenue3,093,000
Required:
I need to create a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.
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