Question No-4:

The following data have been taken from the accounting records of Intel Corporation for the just completed year December 31, 2015:

Selling expense	$140,000
Raw materials inventory, January 01	90,000
Raw materials inventory, December 31	60,000
Utilities, factory	36,000
Purchases of raw materials	750,000
Sales	25,00,000
Administrative expense	270,000
Depreciation, factory	162,000
Insurance, factory	40,000
Work in process inventory, January 01	1,80,000
Work in process inventory, December 31	1,00,000
Finished goods inventory, January 01	2,60,000
Finished goods inventory December 31	2,10,000
Supplies, Factory	55,000
Indirect labor	3,00,000
Maintenance factory	87,000
Direct labor cost	1,50,000

Requirements: (Marks 6+4=10)

1. Prepare a schedule of cost of goods manufactured statement.
2. Prepare the income statement on December 31. 2015.