Acc346 Managerial Accounting: P2-1 The following information is available for Satterfield’s Custom
Acc346 Managerial Accounting
PROBLEM 2-1. Cost of Goods Manufactured, Cost of Goods Sold, and Income The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2011. Beginning balance in Work in Process 200,000 Ending balance in Work in Process 300,000 Beginning balance in Finished Goods 500,000 Ending balance in Finished Goods 400,000 Direct material cost 2,000,000 Direct labor cost 2,400,000 Manufacturing overhead 1,700,000 Selling expenses 250,000 General and administrative expenses 450,000 Sales 8,000,000
Required a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement for fiscal 2011. Ignore income taxes.