Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $596,000, and management budgeted 40,000 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April:

1. April insurance cost for the manufacturing property and equipment was $2,450. The premium had been paid in January.
2. Recorded $1,480 depreciation on an administrative asset.
3. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). The purchase was on credit.
4. Paid factory utility bill, $7,030, in cash.
5. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs.
6. Incurred and paid other factory overhead costs, $6,660.
7. Purchased $31,000 of materials. Direct materials included unpolished semiprecious stones and gold. Indirect materials included supplies and polishing materials. The purchase was on credit.
8. Requisitioned $25,000 of direct materials and $2,900 of indirect materials from Materials Inventory.
9. Incurred and paid miscellaneous selling and administrative expenses, $7,480.
10. Incurred $4,870 depreciation on manufacturing equipment for April.
11. Paid advertising expenses in cash, $3,625.
12. Applied factory overhead to production on the basis of direct labor hours.
13. Completed goods costing $70,500 during the month.
14. Made sales on account in April, $72,140. The Cost of Goods Sold was $58,780.

4. Prepare a schedule of Cost of Goods Manufactured and a schedule of Cost of Goods Sold.

5. Prepare the income statement for April.