Answer:
Required 1
Schedule of Cost of Goods Manufactured
Raw Materials Cost                                               $41,000
Direct labor cost                                                   $23,000
Manufacturing overhead cost                             $59,000
Add Opening Work in process Inventory            $18,000
Less Closing Work in process Inventory           ($22,000)
Cost of Goods Manufactured                             $119,000
Required 2
Income Statement  for April.
Sales                                                                   $220,000
Less Cost of Goods Sold                                  ($132,000)
Gross Profit                                                          $88,000
Less Expenses
Selling expense                           ($18,000
)
Administrative expense              ($43,000)       ($61,000)
Net Income / (Loss)                                              $27,000
Explanation:
<u>Determination of Raw Materials Cost in Production</u>
Raw Materials T - Account
Debit :
Beginning Balance                                      $26,000
Raw materials purchases                            $50,000
Totals                                                            $76,000
Credit :
Ending Balance                                           $35,000
Work In Process (Balancing figure)             $41,000
Totals                                                            $76,000     
<u>Determination of Cost of Goods Sold</u>
Finished Goods Inventory T - Account
Debit :
Beginning  Finished goods Inventory                $42,000
Cost of Goods Manufactured                             $119,000
Totals                                                                    $161,000
Credit:
Ending Finished goods Inventory                      $29,000
Trading Account (Balancing figure)                   $132,000
Totals                                                                    $161,000