Explanation:
1. Cost of goods manufactured schedule
Beginning work-in-process inventory $15,000
Add:
Direct materials $63,100
Direct labor $50,900
Manufacturing overhead $42,900
Total manufacturing cost $156,900
Less: ending work-in-process inventory -$16,500
Cost of goods manufactured $155,400
2. The income statement is presented below:
Sales revenue $216,500
Less: Cost of goods sold
Beginning finished goods inventory $13,200
Cost of goods manufactured $155,400
Less: Ending finished goods inventory -$9,800 -$158,800
Gross profit $57,700
3. The balance is presented below:
Raw materials $7,300
Work-in process $16,500
Finished goods $9,800
Total inventory $33,600
