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Posted: August 18th, 2023

Prepare an income statement and a supporting schedule of the cost of goods

(Figures in million)For Specific Date -PGKDirect Material, Jan 1, 2004 – $15Work in progress Jan 1, 2004 – $10Finished goods, Jan 1, 2004 – $70Direct Materials, Dec 31, 2004 – $20Work in progress, Dec 31, 2004 – $5Finished goods, Dec 31, 2004 – $55For Specific Dates PGKPurchase of direct materials – $325Direct Manufacturing Labor – $100Depreciation -plant, building -$ 80Plant supervisory salaries – $5Miscellaneous plant overhead – $35Revenues – $950Marketing, distribution, & customer service costs – $240Plant supplies used – $10Plant utilities – $30Indirect manufacturing labor – $60Question: Prepare an income statement and a supporting schedule of the cost of goods manufactures for the year ended 31, 2004.

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