Question

Raw materials beginning and ending balances were $30,000 and 35,000 respectively.

Murray company purchased $76,000 of additional raw materials during the year

Work in process had a beginning 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 direct labor costs of $81,000, and it incurred actual manufacturing overhead costs of $42,000.

There were $5,500 worth of indirect materials used for production this year, and $44,000 worth of manufacturing overhead was applied to work in process.

Murray’s company began the year with $42,100 worth of goods in its finished goods inventory and that they counted $38,000 of goods at the end of the year.

Murray's company sold $403,893 last year, but that his tax rate is 27%.

Company has to pay $950 in interest expense

Using the above information, you are to create in Excel the following:

A) Schedule of Cost of Goods Manufactured

B) Schedule of Cost of Goods Sold

C) Traditional Income Statement

Answer 1