Preparation of schedule of cost of goods manufactured and

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Reference no: EM13355988

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	150,000
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	150,000

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.

Reference no: EM13355988

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