Information from the records of the Shawnee Production Company for the month of January is as follows: Purchases of direct materials$18,000Indirect labor 5,000Direct labor 10,400Depreciation on factory machinery 3,000Sales 55,300Selling and administrative expenses 6,300Rent on factory building 7,000Inventories:January 1January 31Direct materials$8,000 $8,700 Work-in-process 2,100 3,200 Finished goods 5,000 5,700 Required:(a) Prepare a statement of cost of goods manufactured and sold for the month of January.(b) Prepare a gross margin income statement for the month of January.
What will be an ideal response?
(a)
(b)
| Shawnee Production Company Gross Margin Income Statement For the Month Ended January 31 | |||||
| Sales | $ | 55,300 | |||
| Cost of goods sold | 40,900 | ||||
| Gross margin | 14,400 | ||||
| Selling & administrative expenses | 6,300 | ||||
| Operating profit | 8,100 | ||||
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