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