Question

The adjusted trial balance for Kokomo Furniture Company on November 30, the end of its first month of operation, is as follows:


The general ledger reveals the following additional data:
a. There were no beginning inventories.
b. Materials purchases during the period were \$33,000.
c. Direct labor cost was \$18,500.
d. Factory overhead costs were as follows:
Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300
Depreciation­building . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Depreciation­machinery and equipment . . . . . . . . . . . . . . 2,200
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750
\$13,650
Required:
1. Prepare a statement of cost of goods manufactured for the month of November.
2. Prepare an income statement for the month of November.
3. Prepare a balance sheet as of November 30.

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