Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has...
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Accounting
Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.
Administrative salaries$2,633,000
Depreciation on the administrative building1,150,000
Depreciation on the manufacturing plant1,758,000
Direct labor4,700,500
Direct materials inventory, January 11,077,200
Direct materials inventory, December 311,243,000
Direct materials purchased during the year8,964,000
Distribution costs665,000
Finished goods inventory, January 11,650,000
Finished goods inventory, December 311,377,500
Indirect labor550,000
Insurance (on manufacturing plant)61,200
Legal fees504,300Maintenance (on the manufacturing plant)223,400
Manufacturing plant utiities792,100
Marketing costs757,250
Other manufacturing plant costs638,880
Sales revenue22,662,920
Taxes (on manufacturing plant and property)223,600
Work-in-process inventory, January 1411,250
Work-in-process inventory, December 31404,700
Required:
a.cost of goods manufactured and sold statement.
b.income statement.
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