1. Income Statement and Supporting Schedules. The following information is for Rockville, Inc., for the year...

 

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1. Income Statement and Supporting Schedules. The following information is for Rockville, Inc., for the year ended December 31, 2016. $ 60,000 $ 48,000 Raw materials inventory beginning balance Raw materials inventory ending balance Work-in-process inventory beginning balance $3,300,000 Work-in-process inventory ending balance $3,600,000 Finished goods inventory beginning balance $2,460,000 Finished goods inventory ending balance $2,100,000 $ 600,000 $ 750,000 Raw material purchases Direct labor used in the production Manufacturing overhead $3,780,000 Selling costs $ 540,000 General and administrative $1,440,000 Sales revenue $7,590,000 Of the total raw materials placed in production for the year, $72,000 was for indirect materials. Required: 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016. 2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016. 3. Prepare a schedule of cost of goods sold for the year ended December 31, 2016. 4. Prepare an income statement for the year ending December 31, 2016 1. Income Statement and Supporting Schedules. The following information is for Rockville, Inc., for the year ended December 31, 2016. $ 60,000 $ 48,000 Raw materials inventory beginning balance Raw materials inventory ending balance Work-in-process inventory beginning balance $3,300,000 Work-in-process inventory ending balance $3,600,000 Finished goods inventory beginning balance $2,460,000 Finished goods inventory ending balance $2,100,000 $ 600,000 $ 750,000 Raw material purchases Direct labor used in the production Manufacturing overhead $3,780,000 Selling costs $ 540,000 General and administrative $1,440,000 Sales revenue $7,590,000 Of the total raw materials placed in production for the year, $72,000 was for indirect materials. Required: 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016. 2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016. 3. Prepare a schedule of cost of goods sold for the year ended December 31, 2016. 4. Prepare an income statement for the year ending December 31, 2016

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