EgoBox,Inc.is small manufacturer of over-picked nick-nack storage/presentation boxes,each box is hand-crafted from South American rosewood and is sold to people who feel the need to spend $2000 on container about the size of a shoe-box

At the beginning of 2015 EgoBox had the following balances in their various inventory accounts:

Direct Materials $1000

Work in process $3000

Finished goods $4000(4 boxes @1000)

During 2015 EgoBox:

purchased $10000 of direct materials

incurred $20000 of direct labor

incurred $25000 of factory overhead

Applied $25000 of overhead to work in process

spent $30000 on selling&administrative costs

manufactured 50 boxes

sold 49 boxes for $2000 each

At the end of 2015 EgoBox had the following balances in their in ventory accounts:

direct materials $2000

work in process $2000

finished goods ?

prepare the following assuming EgoBox uses the FIFO cost flow assumption

schedule of cost of goods manufactured

schedule of cost of goods sold

income statement for 2015(assuming there is no income tax)