The following information is for Collins Manufacturing Company.

Required:

a. Prepare a cost of goods manufactured schedule.

b. Prepare a multiple-step income statement in good form.

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Inventory information: Raw materials inventory Work-in-process inventory Finished goods inventory Other information: Sales Direct materials purchases Direct labor cost Manufacturing overhead Selling expense Administrative expense January 1, 2005 December 31, 2005 $16,000 $14,000 23,000 25,000 33,000 36,000 $760,000 159,000 110,000 221,000 62,000 47,000