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Instructions

The following information is for Rockville, Inc., for the year ended December 31, 2022:

Labels	Value ($)
Raw materials inventory beginning balance	60,000
Raw materials inventory ending balance	48,000
Work-in-process inventory beginning balance	3,300,000
Work-in-process inventory ending balance	3,600,000
Finished goods inventory beginning balance	2,460,000
Finished goods inventory ending balance	2,100,000
Raw material purchases	600,000
Direct labor used in production	750,000
Manufacturing overhead	3,780,000
Selling costs	540,000
General and administrative	1,440,000
Sales revenue	7,590,000

Of the total raw materials placed in production for the year, $72,000 was for indirect materials.

For this assignment, complete the following:

1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2022.
2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2022.
3. Prepare a schedule of cost of goods sold for the year ended December 31, 2022.
4. Prepare an income statement for the year ending December 31, 2022..