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Show Income Statement and Supporting schedules 1. Income Statement...

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Accounting

Show Income Statement and Supporting schedules
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1. Income Statement and Supporting Schedules. The following information is for Rockville, Inc., for the year ended December 31, 2016 60,000 $ 48,000 Raw materials inventory beginning balance Raw materials inventory ending balance Work-in-process inventory beginning balance $3,300,000 Work-in-process inventory ending balance $3,600,000 Finished goods inventory beginning balance $2,460,000 Finished goods inventory ending balance $2,100,000 Raw material purchases Direct labor used in the production Manufacturing overhead Selling costs General and administrative Sales revenue $600,000 $750,000 $3,780,000 $ 540,000 $1,440,000 $7,590,000 Of the total raw materials placed in production for the year $72,000 was for indirect materials. Required 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016. 2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016 3. Prepare a schedule of cost of goods sold for the year ended December 31, 2016 4. Prepare an income statement for the year ending December 31, 2016

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