Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
The following data from the just completed year are taken from the accounting records of Eccles Company:
Sales | $643,000 |
Direct labor cost | $90,000 |
Raw material purchases | $132,000 |
Selling expenses | $100,000 |
Administrative expenses | $43,000 |
Manufacturing overhead applied to work in process | $210,000 |
Actual manufacturing overhead costs | $220,000 |
Inventories: | Beginning of Year | End of Year |
Raw materials | $8,000 | $10,000 |
Work in process | $5,000 | $20,000 |
Finished goods | $70,000 | $25,000 |
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold.
3. Prepare an income statement.
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