Reference no: EM132627452

Question - The following information is for the Central Manufacturing Co. for 2019

Selling expenses $140,000

Raw material inventory, Jan 1 90,000

Raw material inventory, Dec 31 60,000

Factory utilities 36,000

Direct labor 150,000

Factory depreciation 162,000

Purchases of raw materials 750,000

Sales 2,500,000

Factory insurance 40,000

Factory supplies 15,000

Administrative expenses 270,000

Indirect factory labor 300,000

Factory maintenance 87,000

Work in process inventory, Jan 1 180,000

Work in process inventory, Dec 31 100,000

Finished goods inventory, Jan 1 260,000

Finished goods inventory, Dec 31 210,000

Required -

1. Prepare a schedule of cost of goods manufactured.

2. Compute the cost of goods sold.

3. Prepare the income statement for 2019.