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Preparation of schedule of cost of goods manufactured and cost of goods sold.
Hurwitz Corporation had the following activities during 2007:
Raw Materials
Inventory January 1, 2007
$200,000
Purchases of raw materials
318,000
Inventory December 31, 2007
210,000
Direct Manufacturing labor
180,000
Utilities: plant
50,000
Depreciation: plant and equipments
40,000
Indirect materials
30,000
Indirect labor
150,000
Other manufacturing overhead
60,000
Sales revenues
1,250,000
Selling and administrative expenses
Income tax rate
30%
Work in process inventory, December 31, 2007
120,000
Work in process inventory, January 1, 2007
64,000
Finished goods inventory, January 1, 2007
80,000
Finished goods inventory, December 31, 2007
Required: (a) Prepare a schedule of cost of goods manufactured for 2007. (b) Prepare a schedule of cost of goods sold for 2007. (c) Prepare an income statement for 2007.
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