PART 2

The following data (in thousands of dollars) have been taken from the accounting records of Table Manufacturing Corporation for the year ended December 31st, 2021:

Sales $1,650 Purchases of raw materials $475 Direct labour $250 Glue $20 Wages of factory security guard $40 Depreciation of equipment used in production $50 Administrative expenses $250 Marketing campaign for new tables $100 Sales commissions for sales team $75 Shipping expense for finished goods $30 Raw materials inventory, beginning $140 Raw materials inventory, ending $110 Work in process inventory, beginning $70 Work in process inventory, ending $60 Finished goods inventory, beginning $150 Finished goods inventory, ending $80

(a.) Prepare a formal schedule of cost of goods manufactured (i.e. in good form). (b.) Compute the cost of goods sold.

(c.) Using data from your answers above as needed, prepare a traditional income

PART 2 The following data (in thousands of dollars) have been taken from the accounting records of Table Manufacturing Corporation for the year ended December 31st, 2021: Sales Purchases of raw materials Direct labour Glue Wages of factory security guard Depreciation of equipment used in production Administrative expenses Marketing campaign for new tables Sales commissions for sales team Shipping expense for finished goods Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $1,650 $475 $250 $20 $40 $50 $250 $100 $75 $30 $140 $110 $70 $60 $150 $80 (a.) Prepare a formal schedule of cost of goods manufactured (i.e. in good form). (b.) Compute the cost of goods sold. (c.) Using data from your answers above as needed, prepare a traditional income statement in good form