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Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has...

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Accounting

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.

Administrative salaries$2,633,000

Depreciation on the administrative building1,150,000

Depreciation on the manufacturing plant1,758,000

Direct labor4,700,500

Direct materials inventory, January 11,077,200

Direct materials inventory, December 311,243,000

Direct materials purchased during the year8,964,000

Distribution costs665,000

Finished goods inventory, January 11,650,000

Finished goods inventory, December 311,377,500

Indirect labor550,000

Insurance (on manufacturing plant)61,200

Legal fees504,300Maintenance (on the manufacturing plant)223,400

Manufacturing plant utiities792,100

Marketing costs757,250

Other manufacturing plant costs638,880

Sales revenue22,662,920

Taxes (on manufacturing plant and property)223,600

Work-in-process inventory, January 1411,250

Work-in-process inventory, December 31404,700

Required:

a.cost of goods manufactured and sold statement.

b.income statement.

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