Schedule of Cost of Goods Manufactured.The balance in the work-in-process inventory account of Sedona Production, Inc., was $800,000 at the beginning of May and $750,000 at the end of May. Manufacturing costs for the month follow.

1. Direct materials (from the schedule of raw materials placed in production)$340,000Direct labor$810,000Manufacturing overhead$660,000
2. Required:
3. schedule of cost of goods manufactured for the month of May.

Schedule of Cost of Goods Sold.The balance in Macedonia Company's finished goods inventory account was $650,000 at the beginning of January and $525,000 at the end of January. Cost of goods manufactured for the month totaled $445,000.

1. Required:
2. schedule of cost of goods sold for the month of January.

Income Statement.Biltmore Products, Inc., had the following activity for the month of July.

1. Sales revenue$800,000Selling expenses$100,000General and administrative expenses$150,000Cost of goods sold$360,000
2. Required:
3. income statement for the month of July.