In: Accounting
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.