levelof ume. lect Question 2 Dave's Auto Parts Inc. received the following monthly report from its newly hired accountant, who quit after only a week on the job. Dave's Auto Parts, Inc. Cost of Goods Sold Schedule $15,000 3,000 $18,000 Lavereye A able Cout Cost Finished Goods Inventory (beginning) Work-in-Process Inventory (beginning) Total Current Manufacturing Costs: Salaries and wages: Direct manufacturing labour Indirect manufacturing labour Sales salaries Administrative $5,000 2,000 4,000 3,000 $14,000 Other: Manufacturing supplies $1,500 Manufacturing amortization Insurance on showroom. Miscellaneous factory overhead Total Work in Process Cost of Goods Sold 3,500 1,000 6.500 12.500 26.500 $44,500 Ending Work-in-Process and Finished Goods Inventory $44,500 Dave's Auto Parts, Inc. Income Statement Sales $100,000 Less direct materials: 20,000 Gross profit $80,000 Less other expenses: Cost of goods sold $44,500. Office supplies 250 Manufacturing utilities 1,000 Office utilities 250 46,000 Net Income $34,000 Required: a. Prepare a cost of goods manufactured schedule. b. Prepare an income statement in good form.