XYZ, Co. began operations in 2014. The company provided the following information for the year ended December 31, 2014. (Without beginning inventories).

Administrative costs - $20,000

Factory Equipment Depreciation - $11,000

Indirect materials - $6,000

Marketing and distribution costs - $17,000

Factory Supervisor Salaries – $15,000

Salaries for production workers - $18,000

Raw materials used - $24,000

Sales revenue - $103,000

Selling Costs - $14,000

Utilities for production facilities - $9,000

Ending work in process inventory - $25,000

Ending inventory of finished goods - $15,000

Required:

1. Prepare a cost of goods manufactured and sold schedule for the year ended December 31, 2014.

2. Prepare an income statement for the year ended December 31, 2014

Answer rating: 100% (QA)

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