E F D H G B A oblem 7 Test 2 The Cake Factory has he following information for the month of March. Prepare (a) schedule of cost of goods sold, and (b) an income statement for the month ended March 31, 2009. and (c) show adjusting entry if the actual factory overhead is determined to be $ 40,000 Purchases of materials were Materials inventory, March 1, 2009 Materials Inventory, March 31, 2009 Direct Labor Factory Overhead (Applied) Work in Process, March 1, 2009 Work in Process, March 31, 2009 Finished goods inventory, March 1, 2009 Finished goods inventory, March 31, 2009 Sales Selling expenses Adminstrative expenses $85,000 $6,000 $7,000 $25,000 $34,000 $17,000 $18,500 $21,000 $23,000 $235,000 $28,000 $50,000 Cake Factory Cost of Goods Schedule For the month ending March 31, 2009