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Cook Inc. is mines metals used for manufacturing. Cook's 2012 financial results are given below. Using this information complete the following...
Cook Inc. is mines metals used for manufacturing. Cook’s 2012 financial results are given below. Using this information complete the following financial statements:1. Prepare a Statement of Cost of Goods Manufactured for Cook Inc. for the year ended December 31, 2012.2. Prepare an Income Statement for Cook Inc. for the year ended December 31, 2012.Work-in-process inventory, beginning$ 180,000Work-in-process inventory, ending$ 120,000Finished goods inventory, beginning$ 245,000Finished goods inventory, ending$ 110,000Direct materials inventory, beginning$ 320,000Direct materials inventory, ending$ 80,000Plant utilities$ 90,000Direct labor wages$ 420,000Administrative salaries$ 120,000Equipment maintenance$ 35,000Equipment depreciation$ 60,000Sales staff salaries$ 250,000Advertising expense$ 140,000Indirect labor-plant$ 270,000Rent, administrative offices$ 360,000Insurance, plant$ 60,000Supplies, plant$ 40,000Supplies, admin. office$ 20,000Plant lease$ 870,000Direct material purchases$ 625,000Sales revenue$ 4,200,000
Computation of Cost of Goods ManufacturedParticularsDetailsAmountDirect materials inventory, beginning320,000Direct material purchases625,000Direct materials inventory, ending80,000Raw...