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Find and create a schedule of cost of goods sold

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Reference no: EM132596126

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 Ending

Raw materials $ 18,000 $ 17,500

Work in process $ 20,000 $ 14,750

Finished goods $ 9,000 $ 11,000

Required:

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

Question 2. Prepare 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. Prepare an income statement.

Reference no: EM132596126

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