FedEx Company had the following balances as of 1/1/2018:
Raw Materials: $24,000
Work in Process: $47,000
Finished Goods: $20,000
Additional information:
a. Raw materials purchased on account was $70,000.
b. Raw materials were requisitioned for use in production, $64,000. ($58,000 direct and $6,000 indirect).
c. Accrual of factory wages $63,000; maintenance workers for the factory $19,000.
d. The following costs were incurred on the factory; utilities $27,000,
equipment rental $18,000, and cable, internet, phone for the factory $4,000.
e. The accrual of property taxes on the factory was made in the amount of $21,000.
f. The expiration of prepaid medical insurance on factory workers was made in the amount of $12,500.
g. Depreciation was recorded on the factory equipment in the amount of $18,000.
h. ABC Company applies overhead costs based on machine hours worked. For 20X1 the company
estimated that it will work 15,000 machine hours and incur $90,000 in manufacturing overhead costs.
The journal entry is made to apply Manufacturing Overhead. A total of 15,500 machine hours have occurred.
i. The accrual of management salaries $21,000 and office staff salaries $11,000 was made.
j. Depreciation on office equipment was made in the amount of $9,000.
k. Advertising for the period was accrued in the amount of $29,000.
l. Cable, internet, and phone expenses for Sales Offices was $27,000 and General & Administrative was $9,000.
m. $161,000 of goods were completed and transferred to the finished goods department.
n. Sold $500,000 (sales price) on account. The goods had a cost of $122,500.
Please prepare T accounts, Income Statement and Schedule of Cost of Goods Manufactured??? Partial accounts
Current Assets:	PPE Accounts:
Accounts Receivable	Office Equipment
Office Supplies	Accumulated Depreciation: Office Equipment
Prepaid Medical Insurance	Factory Equipment
Prepaid Rent	Accumulated Depreciation: Factory Equipment
Inventory Accounts:	Liability Accounts:
Raw Materials	Accounts Payable
Work in Process	Wages & Salaries Payable
Finished Goods	Advertising Payable
	Property Tax Payable
Factory Costs:
Indirect Materials	Other Accounts:
Indirect Labor	Manufacturing Overhead
Factory: Utilities	Cost of Goods Sold
Factory: Depreciation	Sales Revenue
Factory: Rent
Factory: Cable, Internet, Phone Expense	General & Administrative Expenses:
Factory: Property Taxes	Cable TV, Internet and Phone Expense
Factory: Medical Insurance	Depreciation Expense
	Management Salaries
Selling Expenses:	Office Staff Salaries
Cable TV, Internet and Phone Expense