Problem2_2 - b. Design Works International Income Statement...

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P2. a. Design Works International Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2006 Beginning balance in work in process $ 400,000 Add current manufacturing costs: Direct material: Beginning balance $ 200,000 Purchases 800,000 Ending balance (100,000) $ 900,000 Direct labor 1,000,000 Manufacturing Overhead 500,000 2,400,000 Total 2,800,000 Less ending balance in work in process 200,000 Cost of goods manufactured $2,600,000
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Unformatted text preview: b. Design Works International Income Statement For the Year Ended December 31, 2006 Sales $4,000,000 Less cost of goods sold: Beginning finished goods $ 600,000 Add cost of goods manufactured 2,600,000 Cost of goods available for sale 3,200,000 Less ending finished goods 300,000 2,900,000 Gross profit 1,100,000 Less nonmanufacturing expenses: Selling expenses 250,000 General & admin. expenses 550,000 800,000 Net income $ 300,000...
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Problem2_2 - b. Design Works International Income Statement...

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