George Manufacturing Company provided the following details about operations in February:

Purchases of raw materials

$

133,000

Maintenance, factory

37,300

Direct labour

32,700

Depreciation, factory equipment

55,400

Indirect materials, factory

3,050

Selling and administrative salaries

42,800

Utilities, factory

26,200

Sales commissions

17,600

Insurance, factory equipment

4,050

Depreciation, office equipment

20,200

Advertising expenses

108,000

Rent, factory building

?

The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:

Beginning

of Month

Raw materials

$

26,000

Work in process

24,400

Finished goods

15,500

Raw materials used in production cost $138,320, total overhead costs for the month were $173,120, the goods available for sale totalled $364,000, and the cost of goods sold totalled $320,500. Sales revenue was $534,200.

Required:

1.Prepare a schedule of cost of goods manufactured and cost of goods sold for the month.

2. Prepare a traditional income statement for the month (with proper heading and format).