Reference no: EM132654987

The following data (in thousands of dollars) have been taken from the accounting records of Table Manufacturing Corporation for the year ended December 31st, 2019:

Sales                                                                 $870
Purchase of raw materials                                      $110
Direct Labor                                                         $130
Indirect Materials                                                     $30
Production Supervisor Salary                                   $100
Insurance, Factory                                                  $40
Depreciation of equipment used in production               $30
Utilities of Corporate Headquarters                                $60
Marketing and selling expenses                                    $140
Salary of Administration                                              $100
Raw materials inventory, beginning                                $30
Raw materials inventory, ending                                     $60
Work in process inventory, beginning                               $50
Work in process inventory, ending                                   $10
Finished goods inventory, beginning                                $150
Finished goods inventory, ending                                   $140

Problem a) Make a formal schedule of cost of goods manufactured ( i.e. in good form).

Problem b) Compute the cost of goods sold.

Problem c) Using data from your answers above as needed, prepare traditional income statement in good form.