Cook Inc. is mines metals used for manufacturing. Cook’s 2012 financial results are given below. Using this information complete the following financial statements:1. Prepare a Statement of Cost of Goods Manufactured for Cook Inc. for the year ended December 31, 2012.2. Prepare an Income Statement for Cook Inc. for the year ended December 31, 2012.Work-in-process inventory, beginning$ 180,000Work-in-process inventory, ending$ 120,000Finished goods inventory, beginning$ 245,000Finished goods inventory, ending$ 110,000Direct materials inventory, beginning$ 320,000Direct materials inventory, ending$ 80,000Plant utilities$ 90,000Direct labor wages$ 420,000Administrative salaries$ 120,000Equipment maintenance$ 35,000Equipment depreciation$ 60,000Sales staff salaries$ 250,000Advertising expense$ 140,000Indirect labor-plant$ 270,000Rent, administrative offices$ 360,000Insurance, plant$ 60,000Supplies, plant$ 40,000Supplies, admin. office$ 20,000Plant lease$ 870,000Direct material purchases$ 625,000Sales revenue$ 4,200,000
Computation of Cost of Goods ManufacturedParticularsDetailsAmountDirect materials inventory, beginning320,000Direct material purchases625,000Direct materials inventory, ending80,000Raw…
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