Question
Using the information below, prepare a abridged income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following
Using the information below, prepare a abridged income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Affluent Productions Corp: Direct materials purchased $523,000 Accounts Receivable $100,000 January 1 December 31 Supervisors salaries $91,000 Indirect materials $19,000 Direct materials inventory $47,000 $31,000 Factory maintenance $28,000 Operating expenses $130,000 Work-in-process inventory 29,000 18,000 Direct labor $200,000 Sales $1,020,000 Finished goods inventory 28,000 32,000
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