Question
Sebeka Company report the following information pertaining to the month of January Material Inventory: Ending balance: $150,000 Beginning Balance: $45,000 Work in Processs Inventory: Ending
Sebeka Company report the following information pertaining to the month of January
Material Inventory:
Ending balance: $150,000
Beginning Balance: $45,000
Work in Processs Inventory: Ending balance: $30,000
Beginning Balance:70,000
Finished Goods Inventory:
Ending Balance: $50,000
Beginning Balance: $40,000
During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000 and the company's January sales amounted to $500,000.
A. Prepare Sebeka's schedule of the cost of finished goods manufactured.
B. Prepare Sebekas Income statement (ignore income taxes)
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