The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $351,000 $435,800 Work in process 625,200 590,400 Finished goods 607,400 571,000 December 31 Advertising expense $ 296,600 Depreciation expense-office equipment 43,560 Depreciation expense-factory equipment 55,880 Direct labor 669,000 Heat, light, and power-factory 22,060 Indirect labor 76,000 Materials purchased 658,200 Office salaries expense 183,300 Property taxes-factory 18,300 Property taxes-office building 31,200 Rent expense-factory 32,500 Sales 3,011,000 Sales salaries expense 417,000 Supplies-factory 16,000 Miscellaneous costs-factory 9,200 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. Prepare the 20Y8 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive.

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

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