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Assume the following information: Direct labor cost is equal to 25% of the direct...

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Accounting

Assume the following information:
Direct labor cost is equal to 25% of the direct material cost of your product. (For DM cost refer to Table 1).
MOH is equal to 15% of the direct material cost of your product.
Work in process, beginning inventory = $6,000.
Work in process, ending inventory = $5,500.
Finished goods beginning inventory is 250 units.
Finished goods ending inventory is 450 units.
The number of units produced is 1,000 units and number of units sold is 800 units.
The selling price is 25% greater than the cost of your product.
Selling and administrative expenses are equal to 5% of total sales.
Income tax rate = 10%.
Required:
a) Prepare the schedule of the cost of goods manufactured. (28 points)
b) Prepare the schedule of cost of goods sold. (16 points)
c) Prepare the income statement. (28 points)

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