Question: Answer as soon as possible please. Frosting Corp. has provided the following relating to the most recent month (August 31, 2020) of operations, for their

Answer as soon as possible please.

Frosting Corp. 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

2. Prepare the cost of goods sold section of the income statement

3. Prepare an income statement in good format

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