(Solution) - The following information is available for Satterfield s Custom Glass for -(2025 Original AI-Free Solution)

Paper Details

The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2014:
Beginning balance in Work in Process Inventory.......................... $ 210,000
Ending balance in Work in Process Inventory.............................. 300,000
Beginning balance in Finished Goods Inventory........................... 500,000
Ending balance in Finished Goods Inventory............................... 400,000
Direct material cost............................................................. 2,500,000
Direct labor cost................................................................ 3,000,000
Manufacturing overhead...................................................... 1,700,000
Selling and administrative expenses......................................... 1,350,000
Sales.............................................................................. 8,500,000
Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2014. Ignore income taxes.