A fire on the premises of Bydo Inc. destroyed most of its records. Below is an incomplete set of data for operations in 2016:

Instructions
Prepare an income statement for 2016. Include separate schedules for the cost of goods sold and cost of goods manufactured.

Transcribed Image Text:

Raw materials, beginning inventory Purchases Raw materials, ending inventory Direct materials Direct labour Factory overhead Manufacturing costs added during the year Work in process, beginning inventory Work in process, ending inventory Cost of goods manufactured Finished goods, beginning inventory Finished goods, ending inventory Cost of goods sold Gross profit Operating expenses Operating income (loss) $13,000 13,000 20,000 25,000 8,000 8,000 7,000 6,000 55,000 9,000 (4,000)