The following data from the just-completed year are taken from the accounting records of Eccles Company: 2. Prepare a schedule of cost of goods sold Sales Direct labour cost Raw material purchases 671,000 94,000 ECCLES COMPAN Schedule of Cost of Goods Sold 136,000 04,000 47,000 Selling expenses Administrative expenses Manufacturing overhead applied to work 214,000 in process 228,000 Actual manufacturing overhead costs Inventories: Raw materials Work in process Beginning End of of Year Year $8,400 $10,400 5,400 20,400 70,400 25,400 Adjusted cost of goods sold Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw 3. Prepare an income statement. materials used in production were direct materials. ECCLES COMPAN Income Statement ECCLES COMPA Schedule of Cost of Goods Manufactured Direct materials Selling and administrative expenses Raw materials used in production Total manufacturing cost 0 0 Cost o f goods manufactured