The following data pertain to the Lowell Manufacturing Company for the year ended December 31, 2005.

Required:

a. Prepare a cost of goods manufactured schedule for 2005.

b. Prepare a cost of goods sold schedule for 2005.

c. Prepare a multiple-step income statement for 2005.

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Sales Beginning direct material inventory Ending direct material inventory Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory Direct material purchased $1,267,000 40,000 50,000 70,000 60,000 90,000 80,000 350,000 Indirect material used in production 24,000 Factory supplies used 6,000 Depreciation on the factory 90,000 Depreciation on the sales office 24,000 Depreciation on the administrative office 36,000 Sales salaries 110,000 Assembly-line labor cost 220,000 Factory security guard cost 22,000 Factory supervision 42,000 Depreciation on production equipment 160,000 Depreciation on general accounting office equipment 16,000