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ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted:
Work-in-process inventory (January 1) $185,000
Work-in-process inventory (December 31) 171,000
Finished goods inventory (January 1) 330,000
Finished goods inventory (December 31) 375,000
Direct materials inventory (January 1) 125,000
Direct materials inventory (December 31) 145,000
Direct materials purchased 635,000
Indirect materials used 77,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 59,600
Depreciation of manufacturing equipment 250,000
Depreciation of administration office equipment 78,000
Miscellaneous plant overhead 36,500
Plant utilities 180,000
General office expenses 205,400
Marketing & distribution costs 137,500
Revenues 1,875,000
Required:
a. Prepare a cost of goods manufactured schedule for the year. (35 points)
b. Prepare an income statement for the year (25 points)
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