Section $1$ Accounting Mess

One of the biggest issues with LSI is that the accounting department has been unable to put together proper schedules for the past few years. As a result, the information they have been providing is often late and is always inaccurate. Jason would like you to look at Appendix I, use the information provided, and prepare the following schedules for the company as of December $31,2022$:

a$)$ Cost of Goods Manufactured

b$)$ Cost of Goods Sold

c$)$ Net Income

Beginning of Year:

Finished Goods Inventory: $$1,352,513$

Work in Process Inventory: $$987,565$

Raw Materials Inventory: $$5,652,846$

End of Year:

Finished Goods Inventory: $$456,136$

Work in Process Inventory: $$127,456$

Raw Materials Inventory: $$1,498,529$

Sales: $$16,481,634$

Direct Labour: $$3,707,597$

Factory Supervisory Salaries: $$134,509$

Income Tax Expense: $$201,763$

Factory Insurance: $$560,454$

Raw Material Purchases: $$1,254,683$

Administrative Expenses: $$125,365$

Sales Returns and Allowances: $$67,557$

Factory Depreciation: $$112,091$

Indirect Labour: $$89,673$

Indirect Materials: $$224,182$