ABC
Company is a metal- and woodcutting manufacturer selling products to the home
construction market. Consider the following data for 2022:
Sandpaper Birr 3,000
Materials-handling costs 80,000
Lubricants and coolants 5,000
Miscellaneous indirect manufacturing labor 40,000
Direct manufacturing labor 300,000
Direct materials inventory Jan. 1, 2022 40,000
Direct materials inventory Dec. 31, 2022 50,000
Finished goods inventory Jan. 1, 2022 100,000
Finished goods inventory Dec. 31, 2022 150,000
Work-in-process inventory Jan. 1, 2022 10,000
Work-in-process inventory Dec. 31, 2022 14,000
Plant-leasing costs 54,000
Depreciation—plant equipment 36,000
Property taxes on plant equipment 4,000
Fire insurance on plant equipment 3,000
Direct materials purchased 460,000
Revenues 3,360,000
Marketing promotions 60,000
Marketing salaries 100,000
Distribution costs 80,000
Customer-service costs 200,000
Based on the above information,
A. Prepare an income statement with a separate supporting schedule of the cost of goods
manufactured?