the following information was taken from the accounting records of mitchell company for the last year:

selling expense $140,000

raw material inventory, jan 1ST 90,000

raw material inventory, dec 31st 60,000

utilities factory 36,000

direct labour cost 150,000

depreciation, factory 162,000

purchase of raw materials 750,000

sales 2,500,000

insurance, factory 40,000

suppliers, factory 15,000

administrative expenses 270,000

indirect labour 300,000

maintenance, factory 87,000

work in process inventory, jan 1st 180,000

work in process inventory, dec 31st 100,000

finished goods inventory, january 1st 260,000

finished goods inventory, dec 31st 210,000

Management wants to organize these data into a better format so that financial statements can be prepared for the year.

required:

1. prepare schedule of cost of goods manufactured
2. compute the cost of goods sold
3. using the data from part 1 and 2 prepare income statement