The following information appears in Toledo Toy Company’s records for last year:
Sales revenue…………………………………..$99,300
Administrative costs……………………………19,700
Manufacturing building depreciation………….11,750
Indirect materials and supplies…………………2,150
Sales commissions……………………………….6,800
Raw material inventory, January 1…………….8,200
Direct labor………………………………………16,300
Raw material inventory, December 31…………9,000
Finished goods inventory, January 1…………..4,450
Finished goods inventory, December 31……….3,900
Raw materials purchases………………………10,150
Work in process inventory, December 31…….5,550
Supervisory and indirect labor………………….6,200
Property taxes, manufacturing plant…………..3,700
Plant utilities and power……………………….11,500
Work in process inventory, January 1………..6,600
Prepare an income statement with a supporting schedule of cost of goods sold.
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