Shangri-La Manufacturing Limited Company has the following data for the month of March 2019.
Direct labor cost $ 14,000 (140% of F.O.H)
Cost of goods sold $ 56,000
Inventory accounts showed these opening and closing balances:
March 1st March 31st
Raw Material $ 8,000 $ 8,600
W.I.P $ 8,000 $ 12,000
Finished goods $ 14,000 $ 18,000
Marketing expenditure $ 3,200, General and Administrative Expenditure $2,400, Sales $75,000.
Required: 

Prepare an Income statement with a supporting schedule showing the cost of goods manufactured and sold statement.

Answer rating: 100% (QA)

ShangriLa Manufacturing Limited Company Income Statement For the month ended March 31 2019 Sales 750... View the full answer