- 1 PROBLEM ONE MANAGERIAL ACCOUNTING The following costs and inventory data were taken from the accounts of Simon Company for 2014 January 1, 2019 December 31, 2019 Inventories Raw materials $ 8,000 $ 7.000 Work in process 15.000 13.000 Finished goods 16,000 12.000 Costs incurred Raw materials purchases 598 000 Direct labor 42.000 Factory rent 8.000 Factory utilities 10,000 Indirect materials 6,000 Indirect labor 9.000 Operating expenses 17,000 Instructions Prepare a schedule showing the amount of direct materials used in production during the b. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2019 in good form Prepare the Cost of Goods sold section of the Income Statement for Simon Company for the year ended December 31, 2019 in good form