Accounting 2120 Chapter 15 - Managerial Accounting Assignment 3 II. Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement Madison Company has the following information available: Cost Amount Amount Cost Depreciation - Factory Equipment 1,100 Indirect Labor 3,000 4,000 15,550 Factory Utilities Factory Maintenance Production Supervisor's Salary Sales Commissions 30,000 120,000 48,990 Direct Labor Wages 14,000 Direct Material Purchases 98,000 Depreciation Office Equipment 1,500 Factory Insurance President's Salary 2,000 Office Utilities 3,800 12,500 Cash 62,300 Accounts Receivable Office Salaries 15,650 Factory Rent 17,775 Other information includes Inventory Beginning Ending 36,500 62.750 Raw Materials Work In Process 52.500 86.210 70.250 89.680 Finished Goods Instructions a. Prepare a Cost of Goods Manufactured Schedule b. Prepare an Income Statement (Net Sales - $430,000) c. Prepare a current assets section of the balance sheet