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Good Vibrations, Inc., produces videotapes of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company's cost of goods manufactured. You find the following data from records prepared by Good Vibrations, Inc., for the year ended December 31: Raw Materials purchases Direct labor Indirect labor Indirect materials used Factory utilities used Factory supplies used Depreciation expense - factory building Depreciation expense - Factory Equipment Other manufacturing overhead Inventories: Beginning raw materials inventory, January 1$6,000 Ending raw materials inventory, December 3110,500 Beginning work in process inventory, January 110,000 Ending work in process inventory, December 319,500 Beginning finished goods invenory, January 1$20,000 Ending finished goods inventory, December 315,000 You also learn that Sales for the year was $400,000. Selling expenses were $50,000 and administrative expenses were $75,000. Requirements: a. Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended December 31. (Items that are subtracted should be entered as a negative number.) b. Prepare an income statement for Good Vibrations, Inc., for the year ended December 31. (Items that are subtracted should be entered as a negative number.) Good Vibrations, Inc. Manufacturing Statement For Year Ended December 31 Beginning Raw Materials Inventory Plus: Raw Materials Purchases Less: Ending Raw Materials Inventory Raw Materials Used Less: Indirect Materials Used Direct Materials Used (DM) Direct Labor (DL) Manufacturing Overhead: Indirect Materials Factory Supplies expense Factory utilities expenses Depreciation expesne - factory equipment Depreciation expesne - factory building Indirect Labor Other Manufacturing Overhead Total Overhead (OHD) Total Manufacturing Cost ( DM+DL+OHD) Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Good Vibrations, Inc. Income Statement For Year Ended December 31 Sales Less: Cost of Goods Sold Plus: Beginning Finished Goods Inventory Cost of Goods Manufactured Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling expenses Administrative expenses Total Selling and Admin Expenses Net Income

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