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Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases...

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Accounting

Sales $ 524,000
Direct labor cost $ 70,000
Raw material purchases $ 118,000
Selling expenses $ 140,000
Administrative expenses $ 63,000
Manufacturing overhead applied to work in process $ 90,000
Actual manufacturing overhead costs $ 80,000
Inventories Beginning Ending
Raw materials $ 7,000 $ 15,000
Work in process $ 10,000 $ 5,000
Finished goods $ 20,000 $ 35,000
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
3. Prepare an income statement.

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