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ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted:...

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Accounting

ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted:

Work-in-process inventory (January 1) $185,000

Work-in-process inventory (December 31) 171,000

Finished goods inventory (January 1) 330,000

Finished goods inventory (December 31) 375,000

Direct materials inventory (January 1) 125,000

Direct materials inventory (December 31) 145,000

Direct materials purchased 635,000

Indirect materials used 77,000

Direct manufacturing labor 480,000

Indirect manufacturing labor 59,600

Depreciation of manufacturing equipment 250,000

Depreciation of administration office equipment 78,000

Miscellaneous plant overhead 36,500

Plant utilities 180,000

General office expenses 205,400

Marketing & distribution costs 137,500

Revenues 1,875,000

Required:

a. Prepare a cost of goods manufactured schedule for the year. (35 points)

b. Prepare an income statement for the year (25 points)

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