Manufacturing overhead: Depreciation, factory Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Indirect labor-Factory...

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Manufacturing overhead: Depreciation, factory Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Indirect labor-Factory Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Deduct: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. Goods available for sale Cost of goods sold: 42,600 5,000 30,000 27,000 1,000 65,000 170,600 315,600 7,000 4 322,600 30,000 $ 292,600 WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 59 $ 460,000 Manufacturing overhead: Depreciation, factory Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Indirect labor-Factory Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Deduct: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. Goods available for sale Cost of goods sold: 42,600 5,000 30,000 27,000 1,000 65,000 170,600 315,600 7,000 4 322,600 30,000 $ 292,600 WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 59 $ 460,000