Question #2 - 20 Points

The following data pertains to the Minnie Mouse Chocolate Factory for the year ended March 31, 2020.

Beginning direct materials inventory 30,000

Ending direct materials inventory 45,000

Beginning work-in-process inventory 65,000

Ending work-in-process inventory 75,000

Beginning finished goods inventory 98,500

Ending finished goods inventory 82,000

Direct Materials purchased 365,000

Indirect Material used in production 24,000

Factory supplies used 6,000

Depreciation on factory 90,000

Assembly-line labour cost 220,000

Factory security guard cost 64,000

Depreciation on production equipment 160,000

Selling Expenses 134,000

Administrative Expenses 52,000

Sales $1,450,867

Required:

1. Prepare a Cost of Goods Sold Schedule that includes the Cost of Goods Manufactured Schedule.
2. Prepare an income statement for year ended March 31, 2020.