Reference no: EM132596507

The following data from the just completed year are taken from the accounting records of Kenton Company:

Sales $975,000
Direct labor cost $165,000
Raw material purchases $229,000
Selling expense $48,750
Administrative expenses $146,250
Manufacturing overhead applied to work in process $180,000
Actual manufacturing overhead costs $175,050

Inventories:

Beginning Raw materials $18,000
Ending Raw materials $17,500
Beginning Work in process $20,000
Ending Work in process $14,750
Beginning Finished goods $9,000
Ending Finished goods $11,000

Required:

Question 1: Make a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Question 2: Make a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.

Question 3: Make an income statement.