P1-3 LOA LOS Statement of cost of goods manufactured; income statement balance sheet The adjusted trial balance for Indy Furniture Company on November 30, the end of its first month of operation, is as follows: Indy Furniture Company Trial Balance November 30, 2011 Cash $21,800 Accounts Receivable 16,200 Finished Goods 13.900 Work in Process Materials 7,400 Building 300,000 Accumulated Depreciation - Building $2,000 Machinery and Equipment 89,000 Accumulated Depreciation Mach and Equip 2,200 Accounts Payable 8.900 Payroll Capital Stock 422,550 Sales 58,300 Cost of Goods Sold 42,450 Factory Overhead Selling and Administrative Expenses 15,200 $504,950 $504,850 The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were $33,000. c. Direct labor cost was $18,500. d. Factory overhead costs were as follows: Indirect materials $ 1.400 Indirect labor 4,300 Depreciation-building 2,000 Depreciation-machinery and equipment 2.200 Utilities 2,750 $13,050 Required: 1. Prepare a statement of cost of goods manufactured for the month of November, 56 Principles of Cost Accounting 2. Prepare an income statement for the month of November (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings