Following are the columns reflecting the statement of cost of goods manufactured and the income statement from the work sheet of Southeast Container Company, Inc., as of December 31, the end of the fiscal year. Beginning inventory of raw materials is $ 131,328; beginning inventory of work in process is $ 236,360.

Required
1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement.
3. Journalize the adjusting entries for the inventories.
4. Journalize the closingentries.

Transcribed Image Text:

STATEMENT OF COST OF GOODS MANUFACTURED INCOME STATEMENT DEBIT ACCOUNT NAME DEBIT CREDIT 2,849,924.00 Sales Returns and Allowances Sales Discounts Selling Expenses 23,560.00 22.420.00 341,031.00 138 434.00 Raw Mateñials Purchases (net Direct Labor Indirect Labor Heat, Light, and Power Factory Supervision Rent, Factory Machinery Repairs 730,550.00 917.510.00 210,178.00 51.262.00 5120500 30210.00 30,096,00 11,780.00 Factory Supplies Used Factory Insurance Expired Small Tools Expense Miscellaneous Factory Costs Loss on Disposal of Equipment Intarest Expense Income Tax Expense Manufacturing Summary 1.292.00 16,340.00 12,920.00 81,70000 136,040.00 236,360.00 240,331.00 131,328.00 Income Summary Cost of Goods Manufactured Net Income 344,660.00 354,768.00 2,441,785.00 376,371.00 2,065,414.00 2,065,414.00 2441,785.00 2441 78500 3,046.479.00 3,204,692.00 3 204,692.00 3,204,69200