B H I J K L B15 Xfx Work in Process - January 1 A C D E F G 1 DePaul University 2 Accounting 102 Chapter 15 Income Statement M1 . N 3 4 5 6 Sales $ 40,000 7 8 9 10 11 12 13 Direct Materials Direct Labor Overhead $ $ 9,000 4,000 Total Manufacturing Costs $ 25,000 Work in Process - January 1 Work in Process - December 31 $ $ 1,000 (3,500) Cost of Goods Manufactured Finished Goods Inventory - January 1 Cost of Goods Available for Sale Finished Goods Inventory. December 31 $ (4,000) 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Cost of Goods Sold $ 26,500 Gross Margin Operating Expenses Net Operating Income $ 5,500 Sheet1 Sheet2 Sheet3 + ME