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ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted: Work-in-process inventory (January 1) $140,400 Work-in-process inventory (December 31) 171,000

ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted:

Work-in-process inventory (January 1) $140,400

Work-in-process inventory (December 31) 171,000

Finished goods inventory (January 1) 540,000

Finished goods inventory (December 31) 510,000

Direct materials inventory (January 1) 125,000

Direct materials inventory (December 31) 145,000

Direct materials purchased 575,000

Indirect materials used 84,000

Direct manufacturing labor 480,000

Indirect manufacturing labor 186,000

Depreciation of manufacturing equipment 264,000

Depreciation of administration office equipment 123,600

Miscellaneous plant overhead 135,000

Plant utilities 92,400

General office expenses 205,400

Marketing & distribution costs 125,000

Revenues 1,775,000

Required: a. Prepare a cost of goods manufactured schedule for the year.

b. Prepare an income statement for the year.

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