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1. Prepare a Statement of Cost of Goods Manufactured for First Range Furniture for the year ending December 2019.

2. Prepare an Income Statement for First Range Furniture for the year ending December 2019.

3. Please create T-accounts provided in your working papers to demonstrate your understanding of cost flows and fill in completly.

4. 

The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and the records of Front Range Furniture. $ 22,250 10,440 12,125 37,400 123,400 8,060 Direct Labor Income taxes expense Indirect labor Misc. Production costs Office salaries expense Raw materials purchased $ 564,500 138,700 61,000 10,440 72,875 896,375 Advertising Expense Depreciation expense - Office Equip. Depreciation expense Selling Equip. Depreciation expense Factory Equip. Factory supervision Factory supplies used (indirect materials) Factory utilities Inventories: Raw Materials, Dec 31, 2018 Raw Materials, Dec 31, 2019 Goods-in-Process, Dec 31, 2018 Goods-in-Process, Dec 31, 2019 Finished Goods, Dec 31, 2018 Finished Goods, Dec 31, 2019 39,500 Rent expense - office space Rent expense selling space 42,375 Rent expense factory building 72,430 Maintenance expense - factory 14,500 Sales 16,100 Sales Discounts 179,200 Sales salaries expense 143,750 25,625 29,000 95,500 32,375 5,002,000 59,375 297,300

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