Question 7 Not complete Marked out of 32.00 P Flag question Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $42,500 Administrative rent (non-factory) 23,500 Advertising and promotion expense 46,500 Depreciation-administrative 38,500 Depreciation-factory 47,500 Depreciation-selling 18,000 Direct labor 162,500 Factory rent 34,000 Factory supplies used 11,500 Finished goods inventory (January 1) 30,500 Finished goods inventory (December 31) 31,500 Indirect material used 13,500 Indirect labor 22,000 Materials inventory (January 1) 11,000 Materials inventory (December 31) 15,000 Net delivered cost of materials purchased 105,000 Other factory overhead 27,500 Sales 469,000 Sales salaries expense 35,500 Work in process inventory (January 1) 16,500 Work in process inventory(December 31) 14,500 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers. . Do not use negative signs with any of your answers. Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $ 0 0 Cost of material available 0 Less: 0 Total materials used 0 Less: 0 Direct material used Direct labor Manufacturing overhead Indirect material 0 Indirect labor 0 Factory supplies used 0 Factory depreciation 0 Factory rent > 0 o 0 0 0 0 0 e Total manufacturing overhead Total manufacturing costs for the year Add: Total cost of work in process during the year Less: Cost of goods manufactured Add: Cost of goods available for sale Less: Cost of goods sold 0 0