P1-4 The adjusted trial balance of Kokomo Furniture Company on November 30, the end of its

The adjusted trial balance of Kokomo Furniture Company on November 30, the end of its first month of operation, is as follows:

Kokomo Furniture Company

Trial Balance

November 30, 2013

Cash 21,800

Accounts Receivable 16,200

Finished Goods 13,900

Work in Process –

Materials 7,400

Building 300,000

Accumulated depreciation – Building 3,000

Machinery and Equipment 88,000

Accumulated depreciation – Mach. And Equip. 2,200

Accounts Payable 8,900

Payroll –

Capital stock 422,550

Sales 68,300

Cost of goods sold 42,450

Factory overhead –

Selling and Administrative Expense 15,200

$504,950 $504,950

The general ledger reveals the following additional data:

a. There were no beginning inventories.

b. Materials purchases during the period were $33,000.

c. Direct labor cost was $18,500.

d. Factory overhead costs were as follows:

Indirect materials 1,400

Indirect labor 4,300

Depreciation – building 3,000

Depreciation – machinery and equipment 2,200

Utilities 2,750

$13,650

Required:

1. Prepare a statement of cost of goods manufactured for the month of November.

2. Prepare an income statement for the month of November.

3. Prepare a balance sheet as of November 30.

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