A hysterical I.M. Dunce corners you in the hallway 30 minutes before accounting class. Help me,...

 

Transcribed Image Text:

A hysterical I.M. Dunce corners you in the hallway 30 minutes before accounting class. "Help me, Help me!" I.M. pleads. "I woke up this morning and discovered that my pet German Sheperds Fifo and Life ate my homework, and these shredded pieces are all that I have left!" Being a kind and generous soul, you willingly declare, "There's no need to fearl" I'm a real whiz at accounting and will be glad to help you." A relieved I.M. Dunce hands you the following torn homework remnants. Direct Laber Hours Used Direct Labor Rate per Hour Materials Inventory Purchases Materials Inventory, January 1 Factory Overhead Work in Process, January 11 Cost of Goods Manufactured Finished Goods, December 31 Job remaining in Work in Process, December 31: Direct Labor Direct Materials Factory Overhead Work in Process, December 31 Revenue Gross Profit Selling & Administrative Expenses Net Income Page #1 $ $ $ Page #2 $ $ $ $ Page #3 $ $ $ $ $ $ $ 125 15 5,250 1,400 750 1,500 8,000 3,000 500 1,300 200 2,000 13,500 4,000 Unknown 1,000 Directions: Use the above information to prepare a Statement of Cost of Goods Manufactured and an Income Statement for the Year Ended December 31, 2023. A hysterical I.M. Dunce corners you in the hallway 30 minutes before accounting class. "Help me, Help me!" I.M. pleads. "I woke up this morning and discovered that my pet German Sheperds Fifo and Life ate my homework, and these shredded pieces are all that I have left!" Being a kind and generous soul, you willingly declare, "There's no need to fearl" I'm a real whiz at accounting and will be glad to help you." A relieved I.M. Dunce hands you the following torn homework remnants. Direct Laber Hours Used Direct Labor Rate per Hour Materials Inventory Purchases Materials Inventory, January 1 Factory Overhead Work in Process, January 11 Cost of Goods Manufactured Finished Goods, December 31 Job remaining in Work in Process, December 31: Direct Labor Direct Materials Factory Overhead Work in Process, December 31 Revenue Gross Profit Selling & Administrative Expenses Net Income Page #1 $ $ $ Page #2 $ $ $ $ Page #3 $ $ $ $ $ $ $ 125 15 5,250 1,400 750 1,500 8,000 3,000 500 1,300 200 2,000 13,500 4,000 Unknown 1,000 Directions: Use the above information to prepare a Statement of Cost of Goods Manufactured and an Income Statement for the Year Ended December 31, 2023.