Reference no: EM132872600

Question - Frosting corp. has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cupcakes.

Bakers salaries: 20,000

Finished goods inventory, beginning 18,000

Finished goods inventory, ending: 20,000

General & administrative expenses: 20,000

Indirect materials: 17,500

Productions supervisor, Salary: 21,000

Purchase of raw materials: 28,000

Raw materials inventory, ending: 19,000

Raw materials inventory, beginning: 18000

Rent on productions factory 19,000

Rent, retail store: 18,000

Sales: 243,000

Utilities on production factory: 17,500

Utilities, retail store: 17,000

Wages, retail staff: 20,000

WIP inventory, beginning: 19,500

WIP inventory, ending: 21,500

Required -

1) Make a schedule of cost of goods manufactured in good format.

2) Determine the cost of goods sold section of the income statement.

3) Make an income statement in good format.