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Problem 3-57 (Algo) Cost of Goods Manufactured; Income Statement (LO 3-4] Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue $ 156,000 77,400 326,000 49,200 22,000 27,000 440,000 536,000 281,000 56,200 45,400 35,600 24,400 39,000 99,800 133,200 79,800 34,000 41,400 328,000 3,010,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31. Fair Wind Yachts Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Materials available Direct materials used Factory overhead Total factory overhead Total manufacturing costs to account for Total manufacturing costs Cost of goods manufactured Fair Wind Yachts Income Statement For the Year Ended December 31 Cost of goods sold Total goods available for sale Cost of goods sold Total selling & administrative expenses

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