Schedule of Costs of Goods Manufactured Exercise
	Black Coil Corporation lists the following costs and expenses for the current year as of December 31.
	Sales	$1,125,000
	Raw Materials Purchased	$105,000
	Beginning Raw Materials	$20,000
	Ending Raw Materials	$17,500
	Depreciation	$26,000	(65% to Factory)
	Insurance	$8,000	(80% to Factory)
	Direct Labor	$88,000
	Maintenance	$14,500	(100% to Factory)
	Administrative Expenses	$80,000
	Selling Expenses	$275,000
	Utilities	$420,000	(75% to Factory)
	Indirect Labor	$90,000
	Beginning WIP Inventory	$8,500
	Ending WIP Inventory	$34,500
	Beginning Fininshed Goods Inventory	$18,000
	Ending Fininshed Goods Inventory	$45,000
Required:
Prepare a Schedule of Cost of Goods Manufactured and an Income Statement for Black Coil Corporation as of December 31, 2013