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  1. business
  2. accounting
  3. b. prepare a schedule of cost of goods sold. 1.5

b. Prepare a schedule of cost of goods sold. 1.5 points References c....

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Accounting

b. Prepare a schedule of cost of goods sold.
1.5
points
References
c. Prepare an income statement for the year.Alexsandar Company provided the following account balances for the year ended
December 31(all raw materlals are used in production as direct materials):
References
Inventory balances at the beginning and end of the year were as follows:
The total manufacturing cosis for the year were $702,000; the cost of goods avallable
for sale toialed $742,000; the unadjusted cost of goods sold totaled $671,500; and the
net operaing income was $47,500. The company's overapplied or underapplied
overhead is closed enilely to cost of goods sold. (Hint: Prepare the income statement
and schedule of cost of goods sold first followed by the schedule of cost of goods
manufactured.)
Required:
a. Prepare a schedule of cost of goods manufactured.
References
b. Prepare a schedule of cost of goods sold.
c. Prepare an income statement for the year.
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