chapter 19 Learning Objective 5 E19-23 Preparing a schedule of cost of goods manufactured and an income statement N.I. $90 Shaffer Company has the following information for the year ended December 31, 2016 Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions Inventories: Beginning Ending Raw Materials $ 8 $ 9 Work-in-Process 14 19 Finished Goods 4 11 Other information: Sales Revenue $ 228 Selling and Administrative Expenses 64 Direct Labor 46 Manufacturing Overhead; actual and allocated 16 Materials Purchases 25