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From the account balances listed below, prepare a schedule of cost of goods manufactured and cost of goods sold for Stamp Manufacturing Company for the

From the account balances listed below, prepare a schedule of cost of goods manufactured and cost of goods sold for Stamp Manufacturing Company for the month ended December 31, 2013.

Account Balances

Finished Goods Inventory, December 31

$63,000

Factory Supervisory Salaries

18,000

Income Tax Expense

27,000

Raw Materials Inventory, December 1

18,000

Work In Process Inventory, December 31

22,500

Sales Salaries Expense

21,000

Factory Depreciation Expense

12,000

Finished Goods Inventory, December 1

52,500

Raw Materials Purchases

142,500

Work In Process Inventory, December 1

30,000

Factory Utilities Expense

9,000

Direct Labor

105,000

Raw Materials Inventory, December 31

28,500

Sales Returns and Allowances

7,500

Indirect Labor

31,500

Required:

  1. Prepare a schedule of cost of goods manufactured
  2. Prepare a schedule of cost of goods sold.

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