(XYZ). has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cupcakes.

Baker's salaries	20,000
Finished goods inventory, beginning	18,000
Finished goods inventory, ending	20,000
General & administrative expenses	20,000
Indirect materials	17,500
Production Supervisor, Salary	21,000
Purchases of raw materials	28,000
Raw materials inventory, ending	19,000
Raw materials inventory, beginning	18,000
Rent on production factory	19,000
Rent, retail store	18,000
Sales	243,000
Utilities on production factory	17,500
Utilities, retail store	17,000
Wages, retail staff	20,000
WIP inventory, beginning	19,500
WIP inventory, ending	21,500

Required:

1. Prepare a schedule of cost of goods manufactured in good format. (5 marks)
2. Prepare the cost of goods sold section of the income statement. (5 marks)
3. Prepare an income statement in good format.

Answer rating: 100% (QA)

1Schedule of Cost of Goods Manufactured Beginning Raw Materials Inventory 18000 Add Purchases of Raw ... View the full answer