Managerial Accounting:

Spring Northern Illinois Manufacturing provides p inois Manufacturing provides products and services needed to irrigate farms, ommercial properties, and private homes. It has a centrally located factory that the products it markets to retail outlets across the nation. The month of er has just ended and Northern Illinois needs to generate a cost of goods red and cost of goods sold for its income statement. The application of overhead d on direct labor hours. At the beginning of the year, the company estimated direct oor hours of 40,000 and total estimated overhead of $2,000,000. During the month of November, the number of direct labor hours was 3.275. The following additional data for November is provided: $ 17,500 Indirect Materials in Manufacturing Overhead Advertising Expense Depreciation - Factory Equipment Depreciation - Office Equipment Direct Labor Factory Supplies Factory Utilities Finished Goods Inventory - November 30 Finished Goods Inventory - October 31 Indirect Labor Office Supplies Expense Other Administrative Expenses Raw Materials Inventory - November 30 Raw Materials Inventory - October 31 Raw Materials Purchases Rent - Factory Equipment Repairs - Factory Equipment Salaries Sales Sales Commissions Work In Process Inventory - November 30 Work In Process Inventory - October 31 Property Tax on Factory 54,000 16,800 2,400 82,000 10,800 10,200 68,800 72,550 48,000 1,600 72,000 52,700 38,000 184,500 47,000 4,500 325,000 1,350,000 40,500 5 2,700 42,000 5,500 Instructions: From the above information, prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income