Manufacturing statement, need some help PLEASE?

Question

Given the following selected account balances of Randa Company, prepare its manufacturing statement

in proper form for the year ended on December 31, 2005. Include a listing of the individual

overhead account balances in this statement.

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,252,000

Raw materials inventory, Dec. 31, 2004 . . . . . . . . . . 39,000

Goods in process inventory, Dec. 31, 2004 . . . . . . . 55,900

Finished goods inventory, Dec. 31, 2004 . . . . . . . . . . 64,750

Raw materials purchases . . . . . . . . . . . . . . . . . . . . . 177,600

Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,000

Factory computer supplies used . . . . . . . . . . . . . . . 19,840

Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000

Repairs—Factory equipment . . . . . . . . . . . . . . . . . 7,250

Rent cost of factory building . . . . . . . . . . . . . . . . . . 59,000

Advertising expenses . . . . . . . . . . . . . . . . . . . . . . . 96,000

General and administrative expenses . . . . . . . . . . . . 131,300

Raw materials inventory, Dec. 31, 2005 . . . . . . . . . . 44,700

Goods in process inventory, Dec. 31, 2005 . . . . . . . 43,500

Finished goods inventory, Dec. 31, 2005 . . . . . . . . . . 69,300

Answer 1

Statement of Goods Manufactured

Direct Materials

...Beginning raw materials 39,000

...Purchases of raw materials 177,600

...Less ending raw materials (44,700)

...Sub-total $171,900

Direct Labor $227,000

Factory Overhead

...Factory computer supplies used 19,840

...Indirect labor 49,000

...Repairs—Factory equipment 7,250

...Rent cost of factory building 59,000

...Sub-total $135,090

Total manufacturing costs $533,990

Beginning WIP 55,900

Less Ending WIP (43,500)

Cost of goods manufactured $546,390

Profit & Loss Statement

Sales $1,252,000

Less:

COGS

...Beginning Finished Goods 64,750

...Cost of goods mfd 546,390

...Less ending Finished Goods (69,300)

...COGS $541,840

Gross profit $710,160