Manufacturing costs for Davenport Company during $2018$ were as follows:

Beginning Finished Goods, January $1$ $ $25,600$

Beginning Raw Materials, January $137,000$

Beginning Work in Process, January $1111,800$

Direct Labor for the current year $276,800$

Ending Finished Goods, December $3123,900$

Ending Raw Materials, December $3141,000$

Ending Work in Process, December $31122,100$

Material Purchases for the current year$($including $$22,500$ of indirect material$)305,700$

Note: The pre$-$determined overhead rate is $0\mathrm{.}90(90\%)$ of direct labor cost.

Required:

Prepare a Cost of Goods Manufactured report.

Prepare a Partial Income Statement if sales revenue was $$1,400,000$ and operating expenses were $$285,000$ for the current year.

Answer rating: 100% (QA)

To prepare the Cost of Goods Manufactured report we need to calculate the various components involve... View the full answer