He said that his company only had to pay $500 in interest expense, and that in its raw materials accounting the beginning and ending balances were $35,000 and 22,000 respectively. Murray also told your mother that they purchased $76,000 of additional raw materials during the year, and that his companys work in process had a beginning balance of $18,000 and an ending balance of $9,000. Murrays company incurred $147,000 of administrative expenses and $57,205 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred manufacturing overhead costs of $42,000. There were $2,900 worth of indirect materials used for production this year, and $45,000 worth of manufacturing overhead was applied to work in process. Your mother also tells you that Murrays company began the year with $46,000 worth of goods in its finished goods inventory and that they counted $38,000 of goods at the end of the year.

She then tells you, Murray is doing fantastic dear. Hes going to be so rich. He told me that his company has sales of $526,000 last year, but that his tax rate is 27%. Isnt he doing great?

______________________________________________________

Requirements:

Using the above information, you are to create in Excel the following:

A) Schedule of Cost of Goods Manufactured

B) Schedule of Cost of Goods Sold

C) Traditional Income Statement

The input data must be in its own separate section of your spreadsheet.

Your spreadsheet will have the Schedules of the Cost of Goods Manufacture, Cost of Goods Sold, and the Income Statement.