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do not use image answer please. Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data

do not use image answer please.

Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data for 2018:

Sandpaper

$2,000

Materials-handling costs

70,000

Lubricants and coolants

5,000

Miscellaneous indirect manufacturing labour

40,000

Direct manufacturing labour

300,000

Direct materials inventory 1 Jan 2018

40,000

Direct materials inventory 31 Dec 2018

50,000

Finished goods inventory 1 Jan 2018

100,000

Finished goods inventory 31 Dec 2018

150,000

Work in process inventory 1 Jan 2018

10,000

Work in process inventory 31 Dec 2018

14,000

Plant leasing costs

54,000

Depreciation plant equipment

36,000

Insurance on plant equipment

3,000

Direct material purchased

460,000

Sales revenues

1,360,000

Marketing promotions

60,000

Marketing salaries

100,000

Distribution costs

70,000

Customer service costs

100,000

Required:

1) Prepare a schedule of cost of goods manufactured. (6 marks)

2) Prepare a schedule of costs of goods sold. (2 marks)

3) Prepare an income statement. (4 marks)

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