Answer:
Cost of Goods Manufactured 1507,140
Net Profit 495, 800
Explanation:
Robstown Corporation
Statement of Cost of Goods Manufactured and Sold
for 20Y8:
Inventories January 1 $351,000
Add Materials purchased 658,200
Less Inventories December 31 Materials $435,800
Materials Used 573,400
Direct Labor 669,000
Factory Overheads 229,940
Depreciation expense-factory equipment 55,880
Heat, light, and power-factory 22,060
Indirect labor 76,000
Property taxes-factory 18,300
Rent expense-factory 32,500
Supplies-factory 16,000
Miscellaneous costs-factory 9,200
Total Manufacturing Costs 1472,340
Add Work in process Inventories January 1 625,200
Cost of Goods Available for Manufacturing 2097,54
Less Work in process Inventories December 31 :590,400
Cost of Goods Manufactured 1507,140
Add Finished goods January 1 607,400
Cost of Goods Available for Sale 2114,540
Less Finished goods December 31 571,000
Cost of Goods sold 1543,540
Robstown Corporation
Income Statement
for 20Y8:
Sales 3,011,000
Less Cost of Goods sold 1543,540
Gross Profit 1467,460
Less
Depreciation expense-office equipment 43,560
Property taxes-office building 31,200
Office salaries expense 183,300
Sales salaries expense 417,000
Advertising expense $ 296,600
Net Profit 495, 800
