Problem 2-1 The following information is available for Satterfield’s Custom Glass for the fiscal year ending

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.