Part one: in 2012, Penny Henderson opened Penny's Posies a small retail shop selling floral arrangements. On December 31, 2013, her accounting records show the following:

Requirements
1. Calculate the cost of Goods Manufactured for Floral Manufacturing for the year ended December 31, 2014
2. Prepare an income statement for Floral Manufacturing for the year ended December 31, 2014
3. How does the format of the income statement for Floral manufacturing differ from the income statement of penny's Posies?
Part Three: Show the ending inventories that would appear on these balance sheets:

Transcribed Image Text:

tilities for plant elivery expense l alaries expense 4,300 2,500 S4,400 1,550 3,500 Plant t janitorial services ork in process inventory, December 31, 2014 Finished goods inventory, December 31, 2013 Finished goods inventory, December 31, 2014 Sales revenue S4,000 109,000 1,700 0,000 34,000 9,600 11,000 r service hotline expense Direct labor Direct material purchases Rent on manufacturing plant Raw materials inventory, December 31, 2013 Raw materials inventory, December 31, 2014 $6,500 ork in process inventory, December 31, 2013