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for Linda Schedules of Cost of Goods Manufactured and

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Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statment

Valenko Compnay provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses......................$215,000
Purchase of raw materials..........$260,000
Direct labor...............................$?
Administrative expenses............$160,000
Manufacturing overhead applied to work in process $340,000
Total actual manufacturing overhead cost $350,000

Inventory balances at the beginning and end of the year were as follows:
Beginning of year End of year
Raw materials 50000 40000
Work in process ? 33000
Finished goods 30000 ?

"The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold
totaled $665,000; and the net operating income was $35,000. The company's over applied or underapplied overhead is closed entirely to cost of goods sold.
Required: Prepare a schedules of cost of goods manufactured and cost of goods sold and an income statement
(Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured. )"

tomorrow afternoon around 1pm dead line
Submitted: 2 years ago.
Category: Homework
Expert:  Linda_us replied 2 years ago.
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Experience: Post Graduate Diploma in Management (MBA)
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