Prepare a schedule of costs of goods manufactured

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Reference no: EM132986912

The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2020:

Beginning balance in Work In Process Inventory $ 210,000
Ending balance in Work In Process Inventory 300,000
Beginning balance in Finished Goods Inventory 500,000
Ending balance in Finished Goods Inventory 400,000
Direct material cost 2,500,000
Direct labor cost 3,000,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,350,000
Sales 8,500,000

Problem a. Prepare a schedule of costs of goods manufactured.

Problem b. Prepare an income statement for fiscal 2020. Ignore income taxes.

Reference no: EM132986912

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