Mitchell and Webb Corp is a manufacturing firm which has manufacturing information as seen in the Excel file titled Mitchell and Webb Financials. The company has their recorded Cost of Goods Sold according to their job cost sheets and wants to verify that figure based on their inventory balances. The company has one factory in New London which houses both their manufacturing and administrative offices. Manufacturing overhead is allocated based on direct labor dollars at a rate of $0.40 per labor dollar.

When computing their actual overhead costs, because the factory contains both manufacturing and administrative activities, costs are allocated out based on square footage. As a result, building costs of rent, property taxes, property insurance, water, heat and electric are considered to be 80% due to manufacturing activities and 20% to administrative costs. Factory Management salaries are considered indirect factory labor and therefore part of overhead while sales, marketing, and administrative like SG&A costs are considered period expenses. 30% of shipping and packaging costs are also costed as overhead while the remaining 70% is considered shipping expense. Because all of the interest expense is for financing machinery, it is all considered part of manufacturing overhead. Finally, the companys effective tax rate is 20%

Using this information, please create a Cost of Finished Goods Manufactured Schedule, a Cost of Goods Sold Schedule, and an Income Statement for the fourth quarter (October to December).