The following data refer to San Fernando Fashions Company for

The following data refer to San Fernando Fashions Company for the year 20x2:

Sales revenue ...........................................................................$950,000

Work-in-process inventory, December 31 ............................... 30,000

Work-in-process inventory, January 1 ...................................... 40,000

Selling and administrative expenses 1...................................... 50,000

Income tax expense .................................................................... 90,000

Purchases of raw material ........................................................ 180,000

Raw-material Inventory, December 31 ..................................... 25,000

Raw-material inventory, January 1 ............................................. 40,000

Direct labor .................................................................................. 200,000

Utilities: plant ................................................................................ 40,000

Depreciation: plant and equipment ........................................... 60,000

Finished-goods inventory, December 31 .................................... 50000

Finished-goods inventory, January 1 .......................................... 20,000

Indirect material ........................................................................... 10,000

Indirect labor ................................................................................ 15,000

Other manufacturing overhead ................................................. 80,000


Required:

1. Prepare San Fernando Fashions’ schedule of cost of goods manufactured for the year.

2. Prepare San Fernando Fashions’ schedule of cost of goods sold for the year.

3. Prepare San Fernando Fashions’ income statement for the year.