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Selected account balances of Heedy Manufacturing Company appear below for 2020: at or Beginning of...

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Accounting

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Selected account balances of Heedy Manufacturing Company appear below for 2020: at or Beginning of Year $20,000 30,000 46,000 Finished Goods Inventory Work in Process Inventory Raw Materials Inventory Sales Direct Labour Factory Supervisory Salaries Income Tax Expense Factory Insurance Raw Material Purchases Administrative Expenses Sales Discounts Factory Depreciation Indirect Labour End of Year $ 26,000 35,000 26,000 340,000 55,000 18,000 25,000 12,000 90,000 27,000 15,000 22,000 11,000 Factory Depreciation Indirect Labour Selling Expenses 27,000 15,000 22,000 11,000 35,000 Instructions Using the above information for Heedy Manufacturing Company, answer the following questions. Support your answers with clearly identified computations. 1. What was the amount of direct materials used in production? (4 marks) 2. What were the total manufacturing costs incurred? (4 marks) 3. What was the cost of goods manufactured? (6 marks) 4. What was the cost of goods sold? (4 marks) 5. Please prepare an income statement in good form. (6 marks) py s (o tv 230

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