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The following data were taken from the records of Colbern Company for the fiscal year ending...

The following data were taken from the records of Colbern Company for the fiscal year ending on July 31, 2020.

Raw Material Inventory 8/1/2019 $19,200

Raw Material Inventory 7/31/2020 $15,840

Finished Goods Inventory 8/1/2019 $38,400

Finished Goods Inventory 7/31/2020 $30,360

Work In Process Inventory 8/1/2019 $7,920 \

Work In Process Inventory 7/31/2020 $7,440

Direct Labor $55,700

Indirect Labor $9,784

Accounts Receivable $10,800

Factory Insurance $1,840

Factory Machinery Depreciation $6,400

Factory Utilities $11,040

Office & Admin Utilities Expense $3,460

Office & Admin Equipment Depreciation $2,120

Sales Revenue $213,600

Plant Manager's Salary $23,200

Factory Property Taxes $3,840

Indirect Materials $3,720

Raw Materials Purchases $38,560

Cash $12,800

Income Taxes for the Colbern Company are 35%

Prepare Colbern’s schedule of cost of goods manufactured for the year.

Prepare Colbern’s schedule of cost of goods sold for the year.

Prepare Colbern’s Income Statement for the year.

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Expert Solution

ekkarill92 answered 1 year ago
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