QUESTION
Problem \#2 Manufacturing Overhead, Statement of Cost of Goods Manufactured and Income Statement The following account balances and other information were taken from the accounting records of Godofredo Cadelina Corporation for the year ended Dec. 31, 2018. Use the information to prepare a schedule of manufacturing overhead costs, a manufacturing statement (show only the total overhead cost), and an income statement. $\begin{array}{lr}\text { Advertising Expense } & 85,000 \\ 2 \text { Amortization of Patents } & 16,000 \\ \text { 3 Uncollectible Accounts Expense } & 28,000 \\ 4 \text { Depreciation Expense-Office Equipment } & 37,000 \\ \text { Depreciation Expense-Factory Building } & 133,000 \\ \text { Depreciation Expense-Factory Equipment } & 78,000 \\ \text { | Direct Labor } & 250,000 \\ \text { 2 Factory Insurance Expense } & 62,000 \\ \text { 2 Factory Supervision } & 74,000 \\ \text { Factory Supplies Expense } & 21,000 \\ \text { 2Factory Utilities } & 115,000 \\ \text { Finished Goods Inventory, Dec. 31, 2017 } & 15,000 \\ \text { Finished Goods Inventory, Dec. 31, 2018 } & 12,500 \\ \text { Work in Process Inventory, Dec. 31, 2017 } & 8,000 \\ \text { Work in Process Inventory, Dec. 31, 2018 } & 9,000 \\ \text { | Indirect Labor } & 26,000 \\ \text { Anterest Expense } & 25,000 \\ \text { 4 Miscellaneous Expenses } & 55,000 \\ \text { Property Taxes -Factory Site } & 14,000 \\ \text { Raw Materials Inventory, Dec. 31, 2017 } & 60,000 \\ \text { Raw Materials Inventory, Dec. 31, 2018 } & 78,000 \\ \text { Purchases-Raw Materials } & 313,000 \\ \text { 2. Repairs and Maintenance-Factory Equipment } & 31,000 \\ \text { S Salaries Expense } & 150,000 \\ \text { Sales } & 1,630,000\end{array}$ Required: 1. Analyze the list of the costs and select those items that are manufacturing overhead. 2. Arrange these costs in a schedule of manufacturing overhead costs for 2018 . 3. Prepare the cost of goods manufactured statement for 2018. 4. Prepare the income statement for 2018.
Public Answer
