Question 1: (80 points) General Electrics provided the following information for 2020: $56,000 120,000 270,000...
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Question 1: (80 points) General Electrics provided the following information for 2020: $56,000 120,000 270,000 Beginning inventory Raw material Work in process Finished goods Ending inventory Raw material Work in process Finished goods $40,000 165,000 240,000 During the year, raw material purchased amounted to $110 000, direct labor cost was $330 000 and overheads costs was $439 000. GE's sales revenues totaled $1 550 000 and they had $85 000 selling and administrative expenses. GE's income tax rate is 20%. Required: A. Construct a schedule to calculate cost of goods manufactured. (60pts) B. Construct a statement to calculate cost of goods sold. (20pts)
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