Problem $2-80($Static$)$ Reconstruct Financial Statements $($LO $2-1,2,6)$

Melville Manufacturing produces metal components for automotive suppliers. Financial records for September show the following:

Administrative salaries $ $525,000$

Depreciation on the administrative building $228,400$

Depreciation on the manufacturing plant $350,000$

Direct labor $938,500$

Direct materials inventory, September $1213,840$

Direct materials inventory, September $30247,000$

Direct materials purchased during the month $1,791,200$

Distribution costs $131,400$

Finished goods inventory, September $1328,400$

Finished goods inventory, September $30273,900$

Indirect manufacturing labor $108,400$

Insurance $($on manufacturing plant$)10,640$

Legal fees $99,260$

Maintenance $($on the manufacturing plant$)43,080$

Manufacturing plant utiities $156,820$

Marketing costs $149,850$

Other manufacturing plant costs $126,176$

Sales revenue $4,530,984$

Taxes $($on manufacturing plant and property$)43,120$

Work$-$in$-$process inventory, September $180,650$

Work$-$in$-$process inventory, September $3079,340$

Required:

Prepare a cost of goods manufactured and sold statement.

Prepare an income statement.