1. Serendipity Industries, Inc. has the following cost records for December 2020:

Direct materials (1/12/2020)	$ 30,000
Direct materials (31/12/2020)	20,000
Direct materials Purchases	140,000
Direct labour	120,000
Indirect factory labour	15,000
Factory utilities	2,000
Depreciation, factory equipment	5,000
Maintenance, factory equipment	10,000
Indirect materials	8,000
Factory managers salary	3,000
Work in process (1/12/2020)	20,000
Work in process (31/12/2020)	30,000
Finished goods (1/12/2020)	60,000
Finished goods (31/12/2020)	75,000
Marketing Costs	35,000
General and Administrative Costs	25,000

1. Prepare a cost of goods manufactured schedule for December 2020.

Show your calculations here

Direct Materials Costs
Direct Labor
Manufacturing O/H
Total Cost of Production
Cost of the Goods Manufactured
Cost of the Goods Available for Sale
Cost of the Goods Sold

2. Prepare an income statement through operating profit for December 2020, assuming net sales are $450,000.

Income Statement