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Q1) Hurwitz Corporation had activities during 2007 which are given below:

Raw Materials  
Inventory January 1, 2007 $200,000
Purchases of raw materials 318,000
Inventory December 31, 2007 210,000
Direct Manufacturing labor 180,000
Utilities: plant 50,000
Depreciation: plant and equipments 40,000
Indirect  materials 30,000
Indirect  labor 150,000
Other manufacturing overhead 60,000
Sales revenues 1,250,000
Selling and administrative expenses 150,000
Income tax rate 30%
Work in process inventory, December 31, 2007 120,000
Work in process inventory, January 1, 2007 64,000
Finished goods inventory, January 1, 2007 80,000
Finished goods inventory, December 31, 2007 150,000


(a) Create schedule of cost of goods produced for 2007.

(b) Create schedule of cost of goods sold for 2007.

(c) Create the income statement for 2007.

Accounting Basics, Accounting

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