If you would answer the question on the table exactly I posted it twice but it was wrong.

W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in the finished goods inventory. Phillips accounting records provide the following information:

Purchases of raw materials	$320,000
Beginning materials inventory	46,800
Ending materials inventory	66,800
Direct labor	200,000
Indirect labor	40,000
Rent, factory building	42,000
Depreciation, factory equipment	60,000
Utilities, factory	11,900
Salary, sales supervisor	90,000
Commissions, salespersons	180,000
General administration	300,000
Beginning work-in-process inventory	13,040
Ending work-in-process inventory	14,940
Beginning finished goods inventory	80,000
Ending finished goods inventory	114,100

Required:

1.

Prepare a statement of cost of goods manufactured.

2.

Compute the average cost of producing one unit of product in the year.

3.

Prepare an income statement for external users.

Refer to the list below for the exact wording of a label or an amount description within your statements.

Labels

Add

Less

Manufacturing overhead

Selling expenses

Amount Descriptions

Beginning work in process

Commissions

Cost of goods manufactured

Cost of goods sold

Depreciation, factory equipment

Direct materials

Direct labor

Ending work in process

General administration expense

Gross margin

Indirect labor

Operating income

Operating loss

Rent, factory building

Sales

Sales supervisors salary

Total cost of product

Utilities, factory

1. Prepare a statement of cost of goods manufactured. Refer to the list of Labels and Amount Descriptions for the exact wording of text items within your statement. If an amount is negative, first enter a minus (-) sign.

Score: 1/107

W. W. Phillips Company

Statement of Cost of Goods Manufactured

For Last Year

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3. Prepare an income statement for external users. Refer to the list of Labels and Amount Descriptions for the exact wording of text items within your statement.

Score: 0/79

W. W. Phillips Company

Income Statement

For Last Year

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