A managerial accountant will produce many documents to help managers make decisions. Among these are the Schedule of Cost of Goods Manufactured, the Schedule of Cost of Goods Sold, and the Income Statement. In this assignment you will prepare these documents for an aircraft manufacturing company. The management at Ace Manufacturing is looking to determine how much income they produced during the period ending June 30. An income statement will give management this information; however, in order to produce an accurate income statement, the schedule of cost of goods manufactured and the schedule of cost of goods sold must be prepared. Below you will find a record of Aces information for the period all the information you will need to prepare the required statements.

Ace Manufacturing Income Statement

Description	Amount
Administrative salaries expenses	$203,000
Advertising expenses	$45,000
Depreciation of factory & equipment	$133,000
Direct labor expenses	$175,000
Finished goods inventory, beginning	$285,000
Finished goods inventory, ending	$259,000
Indirect labor expenses	$54,000
Indirect materials	$26,000
Other manufacturing overhead expenses	$48,000
Other selling & administrative expenses	$15,000
Raw materials inventory, beginning	$60,000
Raw materials inventory, ending	$85,000
Raw materials purchased	$820,000
Sales	$1,805,000
Utilities	$32,000
Work in process inventory, beginning	$143,000
Work in process inventory, ending	$167,000