"Certainly", says your mom and begins to rattle off the following information that she wrote down on the back of an envelope; He said that his company only had to pay $50 in interest expense, and that in its raw materials accounting the beginning and ending balances were $45,000 and 22,000 respectively." Murray also told your mother that they purchased $67,000 of additional raw materials during the year, and that his company's work in process had a beginning balance of $18,000 and an ending balance of $9,000. Murray's company incurred $176,000 of administrative expenses and $72,250 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred manufacturing overhead costs of $46,000. There were $3,500 worth of indirect materials used for production this year, and $45,000 worth of manufacturing overhead was applied to work in process. Your mother also tells you that Murray's company began the year with $46,000 worth of goods in its finished goods inventory and that they counted $38,000 of goods at the end of the year. She then tells you, "Murray is doing fantastic dear. He's going to be so rich. He told me that his company has sales of $750,000 last year, but that his tax rate is 27%. Isn't he doing great?" With a bit of hesitancy in your voice you reply, "Maybe so mom. I'll let you know." Using the above information you are to create in Excel the following: A) Schedule of Cost of Goods Manufactured B) Schedule of Cost of Goods Sold C) Traditional Income Statement.

"Certainly", says your mom and begins to rattle off the following information that she wrote down on the back of an envelope; He said that his company only had to pay $50 in interest expense, and that in its raw materials accounting the beginning and ending balances were $45,000 and 22,000 respectively." Murray also told your mother that they purchased $67,000 of additional raw materials during the year, and that his company's work in process had a beginning balance of $18,000 and an ending balance of $9,000. Murray's company incurred $176,000 of administrative expenses and $72,250 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred manufacturing overhead costs of $46,000. There were $3,500 worth of indirect materials used for production this year, and $45,000 worth of manufacturing overhead was applied to work in process. Your mother also tells you that Murray's company began the year with $46,000 worth of goods in its finished goods inventory and that they counted $38,000 of goods at the end of the year. She then tells you, "Murray is doing fantastic dear. He's going to be so rich. He told me that his company has sales of $750,000 last year, but that his tax rate is 27%. Isn't he doing great?" With a bit of hesitancy in your voice you reply, "Maybe so mom. I'll let you know." Using the above information you are to create in Excel the following: A) Schedule of Cost of Goods Manufactured B) Schedule of Cost of Goods Sold C) Traditional Income Statement - Your workbook (the Excel file you submit) will have two sheets. The tab for each of those sheet will be appropriately labeled