Income Statement And Supporting Schedules The Following Information Is For Diablo In 880711

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Income Statement and Supporting Schedules. The following information is for Diablo, Inc., for the year ended December 31, 2011.

Raw materials inventory beginning balance

$

60,000

Raw materials inventory ending balance

$

48,000

Work-in-process inventory beginning balance

$3,300,000

Work-in-process inventory ending balance

$3,600,000

Finished goods inventory beginning balance

$2,460,000

Finished goods inventory ending balance

$2,100,000

Raw material purchases

$ 600,000

Direct labor used in production

$ 750,000

Manufacturing overhead

$3,780,000

Selling costs

$ 540,000

General and administrative

$1,440,000

Sales revenue

$7,590,000

Of the total raw materials placed in production for the year, $72,000 was for indirect materials.

Required:

a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2011.

b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2011.

c. Prepare a schedule of cost of goods sold for the year ended December 31, 2011.

d. Prepare an income statement for the year ending December 31, 2011.

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