Northern Illinois Manufacturing provides products and services needed to irrigate farms, parks, commercial products, and...
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Accounting
Northern Illinois Manufacturing provides products and services needed to irrigate farms, parks, commercial products, and private homes. It has a centrally located factory that manufactures the products it markets to retail outlets across the nation. The month of November has just ended and Northern Illinois needs to generate a cost of goods manufactured and cost of goods sold for its income statement. The application of overhead is based on direct labor hours. At the beginning of the year, the company estimated direct labor hours of 42,000 and total estimated overhead of $2,142,000. During the month of November, the number of direct labor hours was 3,300 . The following additional data for November is provided: Instructions: From the above information, prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income
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