Statement of Cost of Goods Manufactured and Income Statement

Prepare a statement of cost of goods manufactured and an income statement for August 2017

Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:

Sales............................................................................$315,000

Selling and administrative expenses...............................................127,5 00

Purchases of raw materials .......................................................45,000

Direct labor......................................................................30,000

Manufacturing overhead..........................................................55,500

Inventories

August 1 August 31

Raw materials......................................................$8,000 $5,000

Work-in-process ...................................................14,000 11,000

Finished goods ....................................................15,000 19,000