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(Solved): East Ferry Tool \& Die, a manufacturer of parts for agricultural equipment, provides the following ...
East Ferry Tool \& Die, a manufacturer of parts for agricultural equipment, provides the following financial information for the most recent fiscal year (all costs are in thousands of dollars): Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement.
Prepare an income statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).
Expert Answer
East Ferry Tool & Die Schedule of cost of goods sold For the Year Ended December 31 ($000) Work in Process, January 1 $226 Direct Materials: Direct Materials Inventory, January 1 $217 Add:Purchase of Direct materials $6,374 Total Direct materials av