Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $313,000 Selling and administrative expenses 127,500 Purchases of raw materials Direct labor Manufacturing overhead Inventories August 1 August 31 Raw materials $6,000 $ 5,000 Work-in-process 12,000 11,000 Finished goods 15,000 17,000 43,000 30,000 53,500 Required Prepare a statement of cost of goods manufactured and an income statement for August 2017. Do not use negative signs with any of your answers below. Bridgeview Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ending August 31, 2017 Current manufacturing costs: Cost of materials placed in production: Raw materials, 8/1/17 $ 6,000 Purchases 43,000 Total available 49,000 Raw materials, 8/31/17 5,000 $ 44,000 Direct labor 30,000 Manufacturing overhead 53,500 127,500 Work-in-process, 8/1/17 12,000 Total costs in process Work-in-process, 8/31/17 Cost of goods manufactured 139,500 11,000 $ 128,500 Sales Bridgeview Manufacturing Company Income Statement For the Month Ending August 31, 2017 Cost of goods sold $ 313,000 Finished goods inventory, 8/1/17 $ 15,000 Cost of goods manufactured 128,500 Total goods available for sale 143,500 Finished goods inventory, 8/31/17 17,000 160,500 x Gross profit 152,500 x Selling and administrative expenses 127,500 Net income +A $ 25,000 x