The following information is available for Robstown Corporation for 20Y8:

Inventories

January 1

December 31 Materials $78,900 $93,850 Work in process 109,800 95,500 Finished goods 113,750 109,000

December 31 Advertising expense $ 68,200 Depreciation expense-office equipment 21,000 Depreciation expense-factory equipment 14,780 Direct labor 186,800 Heat, light, and power-factory 5,650 Indirect labor 24,700 Materials purchased 123,600 Office salaries expense 74,900 Property taxes-factory 4,000 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 862,500 Sales salaries expense 138,500 Supplies-factory 2,750 Miscellaneous costs-factory 5,120 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement.

*Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred in 20Y8 Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8

X

Statement of Cost of Goods Manufactured

a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Robstown Corporation

Statement of Cost of Goods Manufactured

For the Year Ended December 31, 20Y8

1

2

Direct materials:

3

4

5

6

7

8

9

Factory overhead:

10

11

12

13

14

15

16

17

Total factory overhead

18

19

Total manufacturing costs

20

21

b. Prepare the 20Y8 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Robstown Corporation

Income Statement

For the Year Ended December 31, 20Y8

1

2

Cost of goods sold:

3

4

5

6

7

8

9

Operating expenses:

10

Administrative expenses:

11

12

13

14

Selling expenses:

15

16

17

18

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