estion 2 The following information was taken from the accounting records of Mitchell Company for the last year: at yet swered $140,000 arked out of 2.00 90,000 Flag question Selling expenses Raw materials inventory, January 15 Raw materials inventory, December 31 Utilities, factory Direct labour cost 60,000 36,000 150,000 162,000 Depreciation, factory Purchases of raw materials 750,000 Sales 2,500,000 40,000 Insurance, factory Supplies, factory Administrative expenses 15,000 270,000 300,000 Indirect labour Maintenance, factory 87,000 TNIVERSITY OR x2 FG FB Fto 11 F12 ge F3 SO * % & 7 4 3 2 5 6 8 9 E W R T WY U O . S D F CH TJ c Z B N M 2 Alt Alt Ctrl moodle.tru.ca mod/quiz/attempt.php?attempt=857947&cmid=1166499&page=1 TRU Moodle 300,000 Indirect labour 87,000 180,000 100,000 Maintenance, factory Work in process inventory. January 1st Work in process inventory. December 31st Finished goods inventory, January 15 Finished goods inventory, December 31st 260,000 210,000 Management wants to organize these data into a better format so that financial statehents can be prepared for the year. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Compute the costs of goods sold. 3. Using the data from Parts 1 and 2, prepare an income statement i U 1 % 3 B x S X2 T: C + > # x2 UNIVERSI x O FG FT F11 F12 F2 A BX S % 5 6 7 8 9 0 3 2 T T E W Oi R Y P U 3 ID F A is G H ] K Stut CVB N . ALL cin