ACC 117 Mid-Term Managerial Accounting 1 YNP Corportion lists the following costs and expenses for the current year as of December 31. Sales Raw Materials Purchased Beginning Raw Materials Ending Raw Materials Depreciation Insurance Direct Labor Maintenance Administrative Expenses Selling Expenses $800,000 $85,000 $20,000 $24,000 $18,000 (80% to Factory) $4,000 (75% to Factory) $70,000 $11,000 (100% to Factory) $60,000 $250,000 Utilities $25,000 (85% to Factory) Indirect Labor $90,000 Beginning WIP Inventory $5,000 Ending WIP Inventory $35,000 Beginning Fininshed Goods Inventory $10,000 Ending Fininshed Goods Inventory $50,000 YNP Corporation Schedule of Cost of Goods Manufactured Beginning Work in Process Inventory Add: Direct Materials Used: Beginning Raw Materials Purchases of Raw Materials Raw Materials Available Ending Raw Materials Direct Materials Used Direct Labor Manufacturing Overhead: Rent of plant Utilities for plant Plant Janitorial Service Total Manufacturing Overhead Total Manufacturing Costs Incurred During Year Total Manufacturing Costs To Account For Less: Ending Work in Process Inventory Cost of Goods Manufactured 31-Dec-18 20,000 85,000 105,000 24,000 81,000 70,000 21,250 70,000 Cost of Goods Manufactured Beginning Finished Goods Inventory 10,000 Available for Sale Ending Finished Goods Inventory Cost of Goods Sold 50,000 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income YNP Corporation Income Statement Year Ended December 31, 2018 800,000