Reference no: EM133174426
Question - Core Company has provided the following relating to the most recent month (August 31, 2022) of operations, for their main product.
Assembly line salary 3,000
Finished goods inventory, beginning 1,000
Finished goods inventory, ending 3,000
General & administrative expenses 3,500
Indirect materials 500
Production Supervisor, Salary 4,000
Purchases of raw materials 11,000
Raw materials inventory, ending 2,000
Raw materials inventory, beginning 1,000
Rent on production factory 2,000
Rent, retail store 1,000
Sales 40,000
Utilities on production factory 500
Utilities, retail store 500
Wages, retail staff 3,000
WIP inventory, beginning 2,500
WIP inventory, ending 4,500
Required -
a. Prepare a schedule of cost of goods manufactured in good format.
b. Prepare the cost of goods sold section of the income statement.