Prepare a schedule of cost of goods sold

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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.

Question 3: Prepare an income statement.

Sales                                                                    $ 769,000

Direct labour cost                                                108,000

Raw material purchases                                            150,000

Selling expenses                                                  118,000

Administrative expenses                                           61,000

Manufacturing overhead applied to work in process                 228,000

Actual manufacturing overhead costs                               256,000

Beginning                                             End of
Inventories:                      of Year          Year

Raw materials               $ 9,800        $11,800

Work in process              6,800         21,800

Finished goods               71,800         26,800

Reference no: EM132463867

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