Leaming Objective 6 Check Figure la Cost of goods manufactured = S739 000 Problem 25-3B Objective: To prepare a statement of cost of goods manufactured and an income statement Directions: From the following account balances for Harvard Corporation, prepare (a) a statement of cost of goods manufactured and (b) an income statement for the year ended December 31, 20XX Account Balance Raw Materials Inventory, January 1, 20XX $ 31,400 Work-in-Process Inventory, January 1, 20XX 42,700 Finished Goods Inventory, January 1, 20XX 19,300 Sales 780,500 Raw Materials Purchases 493,400 Direct Labor 140,000 Factory Overhead 105,000 Selling Expenses 42,600 General Expenses 51,200 Raw Materials Inventory, December 31, 20XX 36,200 Work-in-Process Inventory, December 31, 20XX 37,300 Finished Goods Inventory, December 31, 20XX 18,200 1122 PART VI Accounting for Decision Making and Manufacturing Operations