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Menaga Company reports the following information pertaining to its operating activities: ...

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Accounting

Menaga Company reports the following information pertaining to its operating activities:

Ending Balance Beginning Balance
Materials Inventory $ 80,000 $ 75,000
Work in Process Inventory 50,000 85,000
Finished Goods Inventory 25,000 35,000

During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the companys annual sales amounted to $500,000.

Required:

  1. Prepare Menagas schedule of the cost of finished goods manufactured.

  2. Prepare Menagas income statement (ignore income taxes).

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Complete this question by entering your answers in the tabs below. Prepare Menaga's schedule of the cost of finished goods manufactured. Complete this question by entering your answers in the tabs below. Prepare Menaga's income statement (ignore income taxes)

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