Reference no: EM132649750

Selected account balances of Manufacturing Company appear below for 20XX:

                                                 Beginning of year                 End of year

Finished goods inventory       $20,000                           $ 26,000

Work in process inventory         30,000                          35,000

Raw materials inventory           46,000                            26,000

Sales 340,000

Direct labour 55,000

Factory supervisory salaries 18,000

Income tax expense 25,000

Factory insurance 12,000

Raw material purchases 90,000

Administrative expenses 27,000

Sales returns and allowances 15,000

Factory depreciation expense 22,000

Indirect labour 11,000

Selling expenses 35,000

Required Using the above information for Manufacturing Company, answer the following questions. Support your answers with clearly identified formula and computations or a schedule in a required format.

Question 1. Calculate the amount of direct materials used in production

Question 2. Calculate the total manufacturing costs incurred

Question 3. schedule for the cost of goods manufactured

Question 4. Calculate the cost of goods sold

Question 5. income statement