The total manufacturing costs for the year were 670000 the

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Reference no: EM13577425

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

Selling expenses $ 211,000
  Purchases of raw materials $ 263,000
  Direct labor
?
  Administrative expenses $ 152,000
  Manufacturing overhead applied to work in process $ 335,000
  Total actual manufacturing overhead costs $ 358,000

Inventory balances at the beginning and end of the year were as follows:
   Beginning of Year End of Year
  Raw materials $ 55,000
$ 39,000
  Work in process
?
$ 29,000
  Finished goods $ 36,000

?

The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $39,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold.

Required:
a.

Prepare a schedule of cost of goods manufactured.

b.

Prepare a schedule of cost of goods sold

c.

Prepare an income statement for the year.

Reference no: EM13577425

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