The following data (in thousands of dollars) have been taken from the accounting records of Barn Burner Corporation for the just completed year.
Purchases of raw materials $110
Direct labour $130
Depreciation - Factory equipment $100
Factory Insurance $50
Indirect labour - Factory supervisor $25
Factory Repairs & Maintenance $25
Administrative expenses $160
Selling expenses $140
Marketing expenses $50
Raw materials inventory, beginning $ 30
Raw materials inventory, ending $ 60
Work in process inventory, beginning $ 50
Work in process inventory, ending $ 10
Finished goods inventory, beginning $150
Finished goods inventory, ending $140
i. Prepare a Schedule of Cost of Goods Manufactured in good form.
ii. Compute the Cost of Goods Sold.
iii. Prepare a simple Income Statement in good form.