The following account balances are from Woods Corporation accounting records for the year ended December 31, 2008. Required: 1. Determine the amount of Direct materials used in production 2. Determine the amount of factory overhead costs 3. Determine the prime cost & conversion costs 4. A schedule for factory/manufacturing overhead costs 5 A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost and total manufacturing cost to account for 6. An Income Statement for Woods Corporation for the year ended December 31,2008 7. During the year Woods corporation peoduce product cost? 8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? d 20,000 pieces of furniture. What was the unit Advertising expense Amortization expense- Patents Special Design Cost Bad Debts expense Depreciation expense - Office equipment Depreciation expense - Factory Building Depreciation expense - Factory equipment Direct Labour Factory insurance expired Factory supervision Factory supplies used Utilities Finished goods inventory, Jan 1 2008 Finished goods inventory, Dec 31 2008 $ 85,000 16,000 10,000 28,000 37,000 133.000 78,000 250,000 62,000 74,000 21,000 115,000 15.000 12500 Work in process inventory, Jan 1 2008 Work in process iventory, Dec 31 2008 8,000 9,000 Indirect labour 26,000 Interest expense Miscellaneous expense Property taxes on factory equipment Raw materials inventory, Jan 1 2008 Raw materials inventory, Dec 31 2008 Raw materials purchases Repairs expense-factory equipment Salaries expense Sales *Of the total utilities expense 60% relates to manufacturing and 40% relates to 25.000 55.000 14,000 60,000 78,000 313.000 31,000 150,000 1,630,000 Administrative costs.