The following data refer to San Fernando Fashions Company for the year 20x2:

Required:
1. Prepare San Fernando Fashions’ schedule of cost of goods manufactured for the year.
2. Prepare San Fernando Fashions’ schedule of cost of goods sold for the year.
3. Prepare San Fernando Fashions’ income statement for the year.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements.
Show how both cost schedules and the income statement will change if raw-material purchases amounted to $190,000 and indirect labor was $20,000

Transcribed Image Text:

Sales revenue.. Work-in-process inventory, December 31. Work-in-process inventory, January 1. $950,000 30,000 40,000 Selling and administrative expenses.. 150,000 Income tax expense.. 90,000 Purchases of raw material.. 180,000 Raw-material inventory, December 31.. 25,000 Raw-material inventory, January 1. 40,000 Direct labor. 200,000 (continued)