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Can someone please help me answer a question for my Cost Accounting assignment?
1. Prepare a cost of goods Manufactured, a cost of goods sold, and a manufacturing Income Statement based on the following information:
Raw Materials purchased $300,000
Indirect material $20,000
Sales $4,000,000
Beginning work in process inventory $50,000
Beginning finished goods inventory $150,000
Beginning Raw materials inventory $200,000
Direct Labor $400,000
Indirect labor $30,000
Selling, general, and administrative expenses $1,500,000
Factory Depreciation $50,000
Ending raw materials inventory $50,000
Ending Finished goods inventory $100,000
Ending work in process inventory $200,000
Factory utilities $20,000
Thank you in advance! Much appreciated!
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