The Following Information Applies to the Garden Master Company for the Year

question 117

Essay

The following information applies to the Garden Master Company for the year ended December 31, 2019:
$\begin{array}{lr}\text { Factory Rent } & \$ 80,000 \\\text { Direct Materials Inventory, Beginning } & 50,000 \\\text { Direct Materials Inventory, Ending } & 45,000 \\\text { Direct Materials Purchases } & 325,000 \\\text { Direct Labor-Wages } & 550,000\\\text { Indirect Labor-Wages}&25,000\\\text { Finished Goods Inventory, Beginning}&50,000\\\text { Finished Goods Inventory, Ending}&75,000\\\text { Indirect Materials}&50,000\\\text { Plant Utilities } & 25,000 \\\text { General and Administrative } & 130,000 \\\text { Work-in-Process Inventory, Beginning } & 50,000 \\\text { Work-in-Process Inventory, Ending } & 55,000 \\\text { Marketing Expenses } & 180,000 \\\text { Sales Revenue } & 1,825,000\end{array}$
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2019.

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Definitions:

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The practice of cultivating plants and raising livestock for food, fiber, and other products.

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