Reference no: EM132649917

Outdoor Supplies manufactures gear for hunting and camping. The company shows the following data related to its December 31, 2020 fiscal year end:

Raw materials inventory, January 1, 2020              $14,000
Raw materials inventory, December 31, 2020          17,000
Work in process inventory, January 1, 2020            31,000
Work in process inventory, December 31, 2020       20,000
Finished goods inventory, January 1, 2020               84,000
Finished goods inventory, December 31, 2020           68,000
Direct labour                                                       275,000
Factory supervisor's wages                                   64,000
Company president's salary                                  120,000
Purchases of raw materials                                 425,000
Depreciation (60% factory, 40% office)                  240,000
Property taxes (80% factory, 20% office)               20,000
Sales commissions                                              100,000
Repairs and maintenance (100% relate to the factory) 15,000
Utilities expense (90% factory, 10% office)                 30,000
Sales revenue                                                    2,050,000
Advertising                                                            215,000

Required:
Based on the information above:

Question a.) Prepare schedule of cost of goods manufactured.

Question b.) Prepare schedule of cost of goods sold.

Question c.) Prepare income statement (assuming a tax rate of 20%).