PROBLEMS: 1) Buckeye Company reports the following information pertaining to its operati for the month of January (its first month of operations): All Beginning Inventories 0 2 Ending Materials Inventory $100,000 3 Ending WIP Inventory $50,000 U Ending Finished Goods Inventory $ 350,000 5 Direct Materials Purchased $650,000 Direct Labor Incurred $300,000 7 Manufacturing Overhead Applied $150,000 8 Sales for month of January $750,000 9 General & Administrative Expenses $120,000 a. Prepare Buckeye's schedule of the cost of finished goods ma b. Prepare Buckeye's Income Statement. tran for All Begin 1 Ending Ending Ending Direct Direct 1 Many Sales Ger Buckeye Company Schedule of the Cost of Finished Goods Manufactured For month ended Jan 31, 20XX Work in process inventory, January 1 dd: Manufacturing costs assigned to production: Total production costs in January Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured (0) Computation of direct materials used: Direct materials January 1 Add: Direct materials available Less: Direct materials used Buckeye Company Income Statement For month ended Jan 31, 20XX b. Sales Less: Gross profit on sales Less: Net income (1) The company's cost of goods sold figure is based on the following flow of costs through production to finished goods: Finished goods inventory, January 1 Add: Cost of goods available for sale Iss: Finished Goods Inventory, January 31 sold a. Prepare Buckeye's schedule of the cost of finished goods manufactured. b. Prepare Buckeye's Income Statement