21. The following data has been taken from the accounting records of Kay Corporation for the just completed year. Sales Factory supervision Purchases of raw materials Direct labor Factory utilities expense Administrative expenses 925,000 60,000 120,000 140,000 60,000 170,000 30,000 80,000 150,000 35,000 65,000 55,000 15,000 155,000 145,000 Factory depreciation Factory maintenance Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Prepare a Schedule of Cost of Goods Manufactured and an Income Statement.

Transcribed Image Text:

21. The following data has been taken from the accounting records of Kay Corporation for the just completed year. Sales 925,000 Factory supervision 60,000 Purchases of raw materials 120,000 Direct labor 140,000 Factory utilities expense 60,000 Administrative expenses 170,000 Factory depreciation 30,000 Factory maintenance 80,000 Selling expenses 150,000 Raw materials inventory, beginning 35,000 Raw materials inventory, ending 65,000 Work in process inventory, beginning 55,000 Work in process inventory, ending 15,000 Finished goods inventory, beginning 155,000 Finished goods inventory, ending 145,000 Prepare a Schedule of Cost of Goods Manufactured and an Income Statement. 21. The following data has been taken from the accounting records of Kay Corporation for the just completed year. Sales 925,000 Factory supervision 60,000 Purchases of raw materials 120,000 Direct labor 140,000 Factory utilities expense 60,000 Administrative expenses 170,000 Factory depreciation 30,000 Factory maintenance 80,000 Selling expenses 150,000 Raw materials inventory, beginning 35,000 Raw materials inventory, ending 65,000 Work in process inventory, beginning 55,000 Work in process inventory, ending 15,000 Finished goods inventory, beginning 155,000 Finished goods inventory, ending 145,000 Prepare a Schedule of Cost of Goods Manufactured and an Income Statement.