Question: Prepare a Cost Statement and Income Statement for the year for Manson Company. The data is for the year completed by Manson Company. Sales $524,000

Prepare a Cost Statement and Income Statement for the year for Manson Company.

The data is for the year completed by Manson Company.

Sales $524,000

Direct Labor Cost $70,000

Raw Material Purchases $118,000

Selling Expenses $140,000

Administrative Expenses $63,000

Actual Manufacturing Overhead Costs $80,000

Inventories Beginning Ending

Raw Materials $7,000 $15,000

Work in Process $10,000 $5,000

Finished Goods $20,000 $35,000

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