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Problem: Manufacturing Cost - Stoney Manufacturing

The following information pertains to Stoney Manufacturing for 20X6:Direct labour $ 30,000Sales 400,000Selling expenses 50,000Raw (Direct) materials on hand:January 18,000December 314,000General and administrative expenses 18,000Finished goods:January 125,000Work in process:January 119,000December 3118,000Direct material purchases 47,000Depreciation: factory 20,000Indirect labour 3,000Indirect materials used 7,000Marketing promotions 1,500Factory taxes 11,000Utilities 20,000Courier costs (office) 900Miscellaneous plant overhead 4,000Plant repairs and maintenance 9,000Customer service costs 3,000Fire insurance: factory equipment 3,000Materials handling costs 8,000Additional Information:a.

The gross profit margin is 73.25% b.

Depreciation is charged to production at 70%c.

Utilities are charged to production at 90%

Required:

1. Prepare a schedule of cost of goods manufactured for the year ended December 31.

2. Prepare a schedule of cost of goods sold.

3. Prepare an income statement for the year ended December 31.

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