Following are the columns reflecting the statement of cost of
Following are the columns reflecting the statement of cost of goods manufactured and the income statement from the work sheet of Lambert Motor Corporation as of December 31, the end of the fiscal year. Beginning inventory of raw materials is $ 85,752; beginning inventory of work in process is $ 152,040.


Required
1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement.
3. Journalize the adjusting entries for the inventories.
4. Journalize the closingentries.
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