question archive Koufax Materials Corporation produces plastic products for home appliances and electronics

Koufax Materials Corporation produces plastic products for home appliances and electronics

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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. Distribution Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 tent Direct materials purchased during the year costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) surance fees Maintenance on the manufacturing plant) Mob. Manufacturing plant utiities Martin Marketing costs Arne Other manufacturing plant costs man Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 2,640,000 1,157,000 1,765,000 4,707,500 1,084,200 200 1,250,000 8,971,000 072eed 1962 672,000 1,657,000 - en 1,384,500 cas 557,000 2012 . 68,200 20:00 511,300 9522 230,400 400-160 799, 100 764,250 161 645,880 22,669,920 230, 600 418,250 411,700 Legal Fee Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Beginning work-in-process, January 1 Manufacturing costs: Direct materials: Beginning direct materials inventory, January 1 $ 1,084,200 Add: Direct materials purchased 8,971,000 Direct materials purchased Less: Ending direct materials inventory, December 31 Materials used Direct labor Manufacturing overhead: Depreciation on the manufacturing plant Indirect manufacturing labor Insurance on manufacturing plant Maintenance on the manufacturing plant Manufacturing plant utilities Other manufacturing plant costs Taxes on manufacturing plant and property 0 Total overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work in process, December 31 Costs of goods manufactured this year Add: Beginning finished goods, January 1 Cost of goods available for sale Total overhead 0 Total manufacturing costs Total cost of work-in-process during the year Less: Ending work in process, December 31 Costs of goods manufactured this year Add: Beginning finished goods, January 1 Cost of goods available for sale Less: Ending finished goods, December 31 Cost of goods sold (to income statement) < COGM and COGS Stmts Income Stmt > KOUFAX MATERIALS CORP. Income Statement For the Year Ending December 31 Sales revenue Less: Cost of goods sold Gross margin Administrative salaries Depreciation on the administrative building Distribution costs Legal fees Marketing costs 0 Total operating costs Operating loss < COGM and COGS Stmts Income Stmt

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