Reference no: EM132664813

Question - Sebeka Company report the following information pertaining to the month of January

Material Inventory:

Ending balance: $150,000

Beginning Balance: $45,000

Work in Processs Inventory: Ending balance: $30,000

Beginning Balance:70,000

Finished Goods Inventory:

Ending Balance: $50,000

Beginning Balance: $40,000

During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000 and the company's January sales amounted to $500,000.

Required -

A. Prepare Sebeka's schedule of the cost of finished goods manufactured.

B. Prepare Sebekas Income statement (ignore income taxes).