| Manufacturing Statement | ||
| For Year Ended December 31 | ||
| Particular | Amount in $ | Amount in $ |
| Direct materials | ||
| Add Raw Materials Inventory, December 31, 2008 | 32000 | |
| Raw Materials Purchases | 325000 | |
| Raw materials available for use | 357000 | |
| Less Raw Materials Inventory, December 31, 2009 | 28000 | |
| Direct materials used | 329000 | |
| Direct Labor | 268000 | 268000 |
| Factory overhead | ||
| Depreciation Expense | ||
| Factory Equipment | 52400 | |
| 52400 | ||
| Factory UtilitiesI | 14000 | |
| Factory Supply used | 12000 | |
| indirect labour | 35000 | |
| indirect labour | 24000 | |
| Insurance Expense-Factory Building | 15500 | |
| Rent Expenses-Factory | 50,000 | |
| Maintenance Expense-Factory Equipment | 7500 | |
| Total factory overhead costs | 807400 | |
| Total manufacturing costs | ||
| Add Goods in Process Inventory, December 31, 2008 | 33780 | |
| Total cost of goods in process | 841180 | |
| Less Goods in Process Inventory, December 31,2009 | 37460 | |
| Cost of goods manufactured | 803720 |
| Income Statement | ||
| For Year Ended December 31 | ||
| Particular | Amount in $ | Amount in $ |
| Sales | 1452000 | |
| Sales Discounts | 29000 | |
| Net sales | 1423000 | |
| Cost of goods sold | 803720 | |
| Add Finished Goods Inventory, December 31, 2008 | 56970 | |
| Cost of Goods Manufactured | 860690 | |
| Goods available for sale | 860690 | |
| Less Finished Goods Inventory, December 31, 2009 | 62000 | |
| Cost of goods sold | 798690 | |
| Gross Profit from Sales | 624310 | |
| Operating expenses | ||
| Selling expenses | ||
| Advertising Expense | 22350 | |
| Depreciation Expense-Selling Equipment | 36200 | |
| Rent Expense-Selling Space | 24000 | |
| Sales Salaries Expense | 97500 | |
| Total selling expenses | 180050 | |
| General and administrative expenses | ||
| Depreciation Expense-Office Equipment | 24800 | |
| Rent Expense-Office Space | 24000 | |
| Total general and administrative expenses | 48800 | |
| Total operating expenses | 228850 | |
| Income before state and federal taxes | 395460 | |
| Income Taxes Expense | 91500 | |
| Net Income | 303960 |
