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  3. during the year of 2019, xyz company had the follo

During the year of 2019, XYZ Company had the following financial information: Work in process...

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Accounting

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During the year of 2019, XYZ Company had the following financial information: Work in process (beginning) Work in process (ending) Finished Goods (beginning) Finished Goods (ending) Sales Raw Materials used Labour (note 1) Production facility Rent Utilities (note 2) Advertising 200 $1,080 950 0 100 2,000 500 200 400 100 200 Note 1: 75% of Labour costs are Direct Labour and the remaining costs are indirect manufacturing Labour Note 2: 80% of Utilities are product costs Note 3: At the end of the year, the Overhead account had a $40 credit balance Note 4: The company applies all under/over allocated overhead to COGS Note 5: Overhead is allocated on the basis of direct labour costs Required: a. Prepare a Statement of Cost of Goods Manufactured b. Prepare an Income Statement that includes Cost of Goods Sold

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