Question

FINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Wen Company’s work sheet are shown on the next page.
Additional information needed to prepare the financial statements is as follows:
Materials inventory, January 1 ..........$ 4,750
Work in process inventory, January ........1 3,600
Finished goods inventory, January 1 .......14,560
Materials purchases .............115,090
Direct labor .................110,000
Actual factory overhead ...........96,850
Indirect materials charged to production ......4,100





REQUIRED
1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.
2. Prepare a retained earnings statement for the year ended December 31, 20--.
3. Prepare a balance sheet as of December 31,20--.


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  • CreatedDecember 20, 2011
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