The following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $44,250 $31,700Work in process 63,900 80,000Finished goods 101,200 99,800December 31Advertising expense $ 400,000Depreciation expense-office equipment 30,000Depreciation expense-factory equipment 80,000Direct labor 1,100,000Heat, light, and power-factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes-factory 40,000Property taxes-office building 25,000Rent expense-factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies-factory 9,500Miscellaneous costs-factory 11,400Required:A. Prepare the 20Y8 statement of cost of goods manufactured.*B. Prepare the 20Y8 income statement.** Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. "Less" or "Plus" will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

                      Statement of cost of goods manufactured

                           For the year ended December 31, 20Y8

Particulars                                                              Amount

Beginning Work in process inventory                  $63,900

Direct Material

Beginning inventory                      $44,250

Add: Material Purchased              $556,600

Cost of material available           $600,850  

Less: Ending material inventory   $31,700  

Direct materiel used                                              $569,150

Direct Labor                                                            $1,100,000  

Factory overhead

Indirect labor                                       $115,000  

Dep, exp, of Factory equipment        $80,000  

Heat, Light and Power                         $53,300  

Property taxes of Factory                    $40,000  

Rent expense of Factory                      $27,000

Supplies of Factory                               $9,500  

Misc. expense                                        $11,400  

Total factory overhead                                              $336,200

Total Manufacturing Cost incurred                          $2,005,350

Less: Ending work in process inventory                   -$80,000    

Cost of goods manufactured                                    $1,989,250

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The preparation is presented below:

Explanation:

                                     Robstown Corporation

                Statement of cost of goods manufactured

For the year ended December 31, 20Y8

Beginning Work in process inventory          $63,900

Direct Material    

Beginning inventory          $44,250  

Add: Material Purchased$ 556,600  

Cost of material available  $600,850  

Less: Ending material inventory$31,700  

Direct materiel used  $569,150  

Direct Labor  $ 1,100,000  

Factory overhead    

Indirect labor$ 115,000  

Depreciation expense of Factory equipment$80,000  

Heat, Light and Power$53,300  

Property taxes of Factory$40,000  

Rent expense of Factory$27,000  

Supplies of Factory$9,500  

Misc. expense$11,400  

Total factory overhead  $336,200  

Total Manufacturing Cost incurred  $2,005,350

Less: Ending work in process inventory  -$80,000

Cost of goods manufactured          $ 1,989,250

                                               Robstown Corporation

                                                   Income Statement

                               For the year ended December 31, 20Y8

Sales  $3,850,000

Less: Cost of goods sold    

Beginning finished goods inventory  $101,200  

Add: Cost of goods manufactured  $1,989,250  

Cost of goods available for sale           $2,090,450  

Less: Ending finished goods inventory$99,800  

Cost of goods sold               $1,990,650

Gross profit  $1,859,350

Operating expenses    

Administrative expenses    

Depreciation expense - Office equipment$30,000  

Office salaries expense$318,000  

Property taxes - Office building$25,000  

Total administrative expense  $373,000  

Selling expenses    

Advertising expenses$400,000  

Sales salaries expense$200,000  

Total selling expenses  -$600,000  

Less: Total operating expenses  -$973,000

Net income  $886,350

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