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The following information is for Thasta Inc., for the year ended December 31, 2023 Of the total raw materials placed into production for the year

The following information is for Thasta Inc., for the year ended December 31, 2023

Of the total raw materials placed into production for the year 16,000 was for indirect material

  1. Prepare a schedule of raw materials placed into production for the year ended December 31, 2023
  2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2023
  3. Prepare a schedule of cost of goods sold for the year ended December 31, 2023
  4. Prepare an income statement for the year ended December 31, 2023
Sales revenue 1,900,000
General and administrative expenses 362,000
selling expenses 129,000
manufacturing overhead 940,000
Direct labor used in production 189,000
Raw material purchases 149,000
Finished goods inventory in the ending balance 523,000
Finished goods inventory beginning balance 614,000
Work in progress inventory ending balance 890,000
Work in progress inventory beginning balance 824,000
Raw materials inventory ending balance 11,000
Raw materials inventory beginning balance 14,000

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