Please answer B.

The following information is available for Marks Company at December 31, 2019:

1.		Inventory balance			Beginning of Year			End of Year
			Finished Goods		$14,000			$10,000
			Work in Process		6,000			12,000
			Raw Materials		10,300			6,500

2.		Debit postings to Work in Process Inventory during the year were:
			Direct materials		$90,000
			Direct labor		60,000
			Manufacturing overhead applied		75,000
3.		Sales totaled $310,000 for the year.

Your answer is correct. Prepare a condensed cost of goods manufactured schedule. MARKS COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2019 Work in Process, January 1 $ $6,000 Direct Materials Used $ $90,000 Direct Labor $60,000 Manufacturing Overhead Applied $75,000 Total Manufacturing Costs $225.000 Total Cost of Work in Process $231.000 Less Work in Process, December 31 $12,000 i Cost of Goods Manufactured $ $219,000 e Textbook and Media Attempts: 1 of 5 used (b) Prepare an income statement for the year through gross profit. MARKS COMPANY (Partial) Income Statement For the Year Ended December 31, 2019 $ $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit