Shangri-La Manufacturing Limited Company has the following data for the month of

March 2019.

Direct labour cost $ 14,000 (140% of F.O.H)

Cost of goods sold $ 56,000

Inventory accounts showed these opening and closing balances:

March 1st March 31st

Raw Material $ 8,000 $ 8,600

W.I.P $ 8,000 $ 12,000

Finished goods $ 14,000 $ 18,000

Marketing expenditure $ 3,200, General and Administrative Expenditure $2,400, Sales

$75,000.

Required: Prepare Income statement with supporting schedule showing the cost of goods

manufactured and sold statement.