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Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Inventory balances
Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs for the year were S670.000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold. Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values.) Prepare a schedule of cost of goods sold. (Input all amounts as positive values.) Prepare an income statement for the year. (Input all amounts as positive values.) Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs for the year were S670.000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold. Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values.) Prepare a schedule of cost of goods sold. (Input all amounts as positive values.) Prepare an income statement for the year. (Input all amounts as positive values.)
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