Excel Assignment #2 - Cost of Goods Manufactured, Cost of Goods Sold, and Income Statement Fall Semester Northern Illinois Manufacturing provides products and services needed to irrigate farms, parks, commercial properties, and private homes. It has a centrally located factory that manufactures the products it markets to retail outlets across the nation. The month of November has just ended and Northern Illinois needs to generate a cost of goods manufactured and cost of goods sold for its income statement. The application of overhead is based on direct labor hours. At the beginning of the year, the company estimated direct labor hours of 40,000 and total estimated overhead of $2,000,000. During the month of November, the number of direct labor hours was 3,275. The following additional data for November is provided: Indirect Materials in Manufacturing Overhead $ 17.500 Advertising Expense 54,000 Depreciation - Factory Equipment 16.800 Depreciation - Office Equipment 2.400 Direct Labor $2,000 Factory Supplies 10.800 Factory Utilities 10,200 Finished Goods Inventory - November 30 68,800 Finished Goods Inventory October 31 Indirect Labor 48.000 Office Supplies Expense 1.600 Other Administrative Expenses 72.000 Raw Materials Inventory - November 30 $2,700 Raw Materials Inventory - October 31 38.000 Raw Materials Purchases 184,500 Rent - Factory Equipment 47,000 Repairs - Factory Equipment 4.500 Salaries 325,000 Sales 1.350.000 Sales Commissions Work In Process Inventory - November 30 52.700 Work In Process Inventory - October 31 42,000 Property Tax on Factory 5.500 72.350 40, 500 Instructions: From the above information: a. Prepare a cost of goods manufactured schedule b. Prepare a cost of goods sold schedule c. Prepare an income statement to the net operating income