White Oak paper manufacturing company submits the following information on June 30, 2005.

Sales for the year 450,000

Raw material inventory, July 1, 2004 15,000

Finished goods inventory, July 1, 2004 70,000

Purchases 120,000

Direct labor 65,000

Power, heat and light 2,500

Indirect material purchased and consumed 4,500

Administrative expenses 21,000

Depreciation of plant 14,000

Selling expenses 25,000

Depreciation of building 7,000

Bad debts 1,500

Indirect labor 3,000

Other manufacturing expenses 10,000

Work in process, July 1, 2004 14,000

Work in process, June 30, 2005 19,000

Raw materials inventory, June 30, 2005 21,000 Finished goods inventory, June 30, 2005 60,000

Applied factory head rate is XX% of the prime cost (XX% is the product of the last two digits of your system ID, in case product result zero then take the product of first two digits and sum 27 in it)

Over or underapplied factory overhead are closed to cost of goods sold

Required: (Marks-2+8)

1) Cost of Goods Manufactured Statement

2) Cost of Goods Sold Statement at normal and at actual

3) Income statement