P1-4 The adjusted trial balance of Kokomo Furniture Company on November 30, the end of its

The adjusted trial balance of Kokomo Furniture Company on November 30, the end of its first month of operation, is as follows:

 

Kokomo Furniture Company 

Trial Balance 

November 30, 2013

 

Cash                                     21,800 

Accounts Receivable                16,200 

Finished Goods                        13,900 

Work in Process – 

Materials                              7,400

Building                                 300,000 

Accumulated depreciation – Building                   3,000

Machinery and Equipment 88,000 

Accumulated depreciation – Mach. And Equip.      2,200

Accounts Payable                                             8,900

Payroll – 

Capital stock                                                  422,550

Sales                                                           68,300

Cost of goods sold                   42,450 

Factory overhead – 

Selling and Administrative Expense   15,200

                                           $504,950                    $504,950

  

The general ledger reveals the following additional data:

 

a.   There were no beginning inventories. 

b.   Materials purchases during the period were $33,000. 

c.   Direct labor cost was $18,500. 

d.   Factory overhead costs were as follows: 

Indirect materials 1,400

Indirect labor 4,300

Depreciation – building 3,000

Depreciation – machinery and equipment 2,200

Utilities 2,750

$13,650 

Required:

1.   Prepare a statement of cost of goods manufactured for the month of November.

2.   Prepare an income statement for the month of November. 

3. Prepare a balance sheet as of November 30.