The following data from the just completed year are taken from the accounting records of Eccles
Company:
Sales...................... $643,000
Direct labor cost................... $90,000
Raw material purchases................. $132,000
Selling expenses.................... $100,000
Administrative expenses................. $43,000
Manufacturing overhead applied to work in process.... $210,000
Actual manufacturing overhead costs...... $220,000

Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold.
3. Prepare an incomestatement.

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Beginning of Year End of Inventories Raw materials Work in process $8,000 $5,000 $70,000 Year $10,000 $20,000 $25,000 Finished goods