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EXERCISE 3-8 Schedules of Cost of Goods Manufactured and Cost of Goods Sold: Income Statement (106) The following data from the just completed year are taken from the accounting records of Eccles Company: Salast Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventores Raw materials Work in process Finished goods 11 128 Beginning of $8.000 $5,000 $70,000 5643.000 $90,000 $132.000 $100.000 $13.000 $210,000 $220.000 Year. $10,000 $25.000 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in produc tion were direct materials. Prepare a schedule of cost of goods sold. Prepare an income statement.

EXERCISE 3-8 Schedules of Cost of Goods Manutactured and Cost of Goods Soldi Income Statemert (W06). The folkowing ata from the just completed year are taken fram the accounting records of Ficcles Gompany: Sules :. Direct labor cost Raw material purchases Selling expenses Administrative expensas . Manutacturingovertheadappliedtowarkinprocess..........$220.000$210.000 Actual manufacturing ovenead costs $643,000 $90.000 $132,000 $100.000 $43,000 $210,000 Required 1. Prepare a schedule of cost of goods manufactured. Assume all raw manerials used in produs tion were direct marerials. 2. Prepare a schesule of cas af gonds sold. 3. Prcpare an incoms rtatement