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1905 obinhood Discord T Nadine Burke Han Accounting Textbook Other b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2019. C. Prepare a schedule of cost of goods sold for the year ended December 31, 2019, d. Prepare an income statement for the year ending December 31, 2019. 52. Income Statement and Supporting Schedules. The following information is for Shasta, Inc., for the year ended December 31, 2019: Raw materials inventory beginning balance $15,000 Raw materials inventory ending balance 12,000 Work-in-process inventory beginning balance 825,000 Work-in-process inventory ending balance 900,000 Finished goods inventory beginning balance 615,000 Finished goods inventory ending balance 525,000 Raw material purchases 150,000 Direct labor used in production 187.500 Manufacturing overhead 945,000 Selling costs 135,000 General and administrative 360,000 Sales revenue 1,897,500 Of the total raw materials placed in production for the year, 518,000 was for indirect materials. Required: a. Prepare a schedule of raw materials placed in production for the year ended December 31 2019. b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2019. c. Prepare a schedule of cost of goods sold for the year ended December 31, 2019. d. Prepare an income statement for the year ending December 31, 2019. One Step Further: Skill-Building Cases in each cell; no need to use dollar signs or commas. R $ 15,000 Correct Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 52. Income Statement and Supporting Scheduses Shasta, Inc. Schedule of Raw Materials Placed in Production Year Ended December 31 Raw materiais inventory, beginning balance Add current period raw materials purchases Raw materials available for production Less raw materials inventory, ending balance Raw materials placed in production Less indirect materials included in manufacturing overhead Direct materials placed in production b. Shasta, Inc. Schedule of Cost of Goods Manufactured Year Euded December 31 WIP inventory, beginning balance Add current period manufacturing costs: Direct materials Direct labor Manufacturing overhead applied Total current period manufacturing costs Total cost of work in process Less WIP inventory, ending balance Cost of goods manufactured Shasta, Inc. Schedule of Cost of Goods Sold Year Ended December 31 Finished goods inventory, beginning balance S 825.000 Correct Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect c. Total cost of work in process Less WIP inventory, ending balance Cost of goods manufactured Shasta, Inc. Schedule of Cost of Goods Sold Year Ended December 31 Finished goods inventory, beginning balance Add cost of goods manufactured Cost of goods available for sale Less finished goods inventory, ending balance Cost of goods sold Shasta, Inc. Income Statement Year Ended December 31 Sales Cost of goods sold Gross profit Less operating (nonmanufacturing) expenses: Selling General and administrative Operating profit Incorrect Incorrect $1.807.500 Correct Incorrect Incorrect d. Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 2021 by Flat World Knowledge Ine. P 52