Raw materials beginning and ending balances were $30,000 and35,000 respectively. Company purchased $76,000 of additional rawmaterials during the year, and the company’s work in process had abeginning balance of $17,000 and an ending balance of $9,000.Murray’s company incurred $145,000 of administrative expenses and$57,205 in selling costs during the year. The company had directlabor costs of $81,000, and it incurred actual manufacturingoverhead costs of $42,000. There were $5,500 worth of indirectmaterials used for production this year, and $44,000 worth ofmanufacturing overhead was applied to work in process. The companybegan the year with $42,100 worth of goods in its finished goodsinventory and $38,000 of goods at the end of the year. The companysold $403,893 last year, but the tax rate is 27% and had to pay$950 in interest expense. Is the company doing well?
Create...
1) Schedule of Cost of Goods Manufactured
2) Schedule of Cost of Goods Sold
3) Traditional Income Statement
Please be dynamic and include formulas, thanks...
