Question
The following data relates to the Texas Co's annual operation: Direct Materials Inventory, Beginning $900 Direct Materials Inventory, Ending $600 Direct Materials Purchased $7,000 Direct
The following data relates to the Texas Co's annual operation:
| Direct Materials Inventory, Beginning | $900 |
| Direct Materials Inventory, Ending | $600 |
| Direct Materials Purchased | $7,000 |
| Direct Labor | $3,000 |
| Factory Overhead | $5,000 |
| Work-in-Process Inventory, Beginning | $1,400 |
| Work-in-Process Inventory, Ending | $1,500 |
| Finished Goods Inventory, Beginning | $4,000 |
| Finished Goods Inventory, Ending | $3,700 |
| Sales Revenue | $25,000 |
| Selling and Administrative Expenses | $6,000 |
| Income Tax Rate | 30% |
Required) Please answer the following questions and show all your works to get full credits.
a. Prepare the company's Cost of Goods Manufactured Schedule
b. Prepare the company's Income statement
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
9780357517574
