Question

The following data from the just-completed year are taken from the accounting records of Eccles Company:...

The following data from the just-completed year are taken from the accounting records of Eccles Company:

  
  Sales $ 692,000
  Direct labour cost 97,000
  Raw material purchases 139,000
  Selling expenses 107,000
  Administrative expenses 50,000
  Manufacturing overhead applied to work in process 217,000
  Actual manufacturing overhead costs 234,000
  Inventories: Beginning
of Year
End of
Year
  Raw materials $ 8,700   $10,700   
  Work in process 5,700   20,700   
  Finished goods 70,700   25,700   
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.

       

3.

Prepare an income statement.

      

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