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Iidentify Cost of Goods Manufactured for the period and create an income statement for August 2014.
Iidentify Cost of Goods Manufactured for the period and create an income statement for August 2014.
Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Valley Manufacturing Company for August 2014 follows:
Sales .............................................................................................$210,000
Selling and administrative expenses ........................................ 85,000
Purchases of raw materials.........................................................30,000
Direct labor ...................................................................................20,000
Manufacturing overhead.............................................................37,000
Inventories
August 1 August 31
Raw materials .............................................. $ 8,000 $ 5,000
Work-in-process ............................................ 14,000 11,000
Finished goods ............................................. 15,000 19,000
