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Problem 1 20 points
Orlando Manufacturing had the following data for the period just ended:
Work in process, Jan. 1
$ 17,000
Work in process, Dec 31
35,000
Finished Goods, Jan. 1
64,000
Finished Goods, Dec. 31
65,000
Direct Materials Used
140,000
Direct Labor
260,000
Factory Depreciation
70,000
Sales
945,000
Selling and Gen & Admin Exp
178,000
Factory Utilities
35,000
Indirect Materials
19,000
Indirect Labor
38,000
Income Tax rate= 20%
Required:
A. Calculate Orlando's Cost of Goods Manufactured.
B. Calculate Orlando's Cost of Goods Sold.
C. Prepare an Income Statement
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