The following financial information is for Industrial Company.

Of the total raw materials placed in production for the year, $36,000 was for indirect materials. Industrial had $3,795,000 in sales for the year ended December 31, 2011. The company also had the following costs for the year:
Selling...............................................................$ 270,000
General and administrative.......................................$ 720,000
Raw materials purchases..........................................$ 300,000
Direct labor used in production.................................$ 375,000
Manufacturing overhead.......................................$ 1,890,000
Required:
a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2011.
b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2011.
c. Prepare a schedule of cost of goods sold for the year ended December 31, 2011.
d. Prepare an income statement for the year ended December 31, 2011.
e. Describe the three types of costs included in cost of goods sold on the income statement. (Dollar amounts are not necessary in your descriptions.)

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December December 31, 2011 31, 2010 $ 24,000 $ 30,000 Raw materials inventory Work-in- 1,800,000 1,650,000 process inventory Finished 1,050,000 1,230,000 goods inventory