Reference no: EM132924461
Question - The following data is available for 2020:
Raw materials inventory, January 1 $20,000
Raw materials inventory, December 31 10,000
Work in process, January 1 6,000
Work in process, December 31 9,000
Finished goods, January 1 16,000
Finished goods, December 31 20,000
Raw materials purchases 400,000
Sales returns and Allowances 10,000
Direct labor 200,000
Factory utilities 75,000
Indirect labor-factory 45,000
Factory depreciation 180,000
Selling and marketing overheads 21,000
Sales Revenue 980,000
Administration overheads 10,000
Required - For the year ended December 31, 2020,
a) Prepare the Cost of Goods Manufactured Schedule.
b) Prepare the Income Statement.
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: The following data is available for 2020: Raw materials inventory, January 1 $20,000. Prepare the Cost of Goods Manufactured Schedule
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