General Electrics provided the following information for 2020 :

Beginning inventory

Raw material $70,000

Work in process 128,000

Finished goods 280,000

Ending inventory

Raw material $48,000

Work in process 175,000

Finished goods 253,000

During the year, raw material purchased amounted to $124 000, direct labor cost was $350 000 and overheads costs was $465 000. GEs sales revenues totaled $1 800 000 and they had $98 000 selling and administrative expenses. GEs income tax rate is 20%.

Required:

A. Construct a schedule to calculate cost of goods manufactured. (60pts)

B. Construct a statement to calculate cost of goods sold. (20pts)