Materials inventory (January 1) 25,000
Work in process inventory (January 1) 24,000
Finished goods inventory (January 1) 32,000
Materials purchased 21,000
Direct labor cost 18,000
Factory overhead (including $1000 of indirect materials used and $3000 of indirect labor cost 12,000
Selling and administrative expenses 10,000
Inventories at January 31
Work in process 20,000
Finished goods 30,000
a. Prepare a statement of cost of goods manufactured.
b. Prepare the cost of goods sold section of the income statement.
Please show work. I have attempted this and I am getting lost.
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