Excel Assignment #2 - Cost of Goods Manufactured Summer Northern Illinois Manufacturing provides products and services needed to irrigate farms, parks, commercial products, 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 42,000 and total estimated overhead of $2,142,000. During the month of November, the number of direct labor hours was 3,300. The following additional data for November is provided: $ 17,500 Indirect Materials in Manufacturing Overhead Advertising Expense Depreciation - Factory Equipment Depreciation - Office Equipment Direct Labor Factory Supplies Factory Utilities Finished Goods Inventory - November 30 Finished Goods Inventory - October 31 Indirect Labor Office Supplies Expense Other Administrative Expenses Raw Materials Inventory - November 30 Raw Materials Inventory - October 31 Raw Materials Purchases Rent - Factory Equipment Repairs - Factory Equipment Salaries Sales Sales Commissions Work In Process Inventory - November 30 Work In Process Inventory - October 31 Property Tax on Factory 52,000 17,500 2,900 44,000 16,300 10,500 71,800 73,500 45,000 1,900 71,000 53,000 41,000 186,500 45,000 5,400 335,000 1,425,000 42,750 44,000 51,000 5,500 Instructions: From the above information, prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income