Statement of cost of goods manufactured; income statement; balance sheet The adjusted t...

Statement of cost of goods manufactured; income statement; balance sheet

The adjusted trial balance for Terre Haute Plastics Inc. on June 30, the end of its first month of operation, is as follows:

The general ledger reveals the following additional data:

a. There were no beginning inventories.

b. Materials purchases during the period were $23,000.

c. Direct labor cost was $18,500.

d. Factory overhead costs were as follows:

Required:

1. Prepare a statement of cost of goods manufactured for June.

2. Prepare an income statement for June. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.)

3. Prepare a balance sheet as of June 30. (Hint: Do not forget Retained Earnings.)