Reference no: EM133108218

Question - XYZ has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cupcakes.

Baker's salaries 20,000

Finished goods inventory, beginning 18,000

Finished goods inventory, ending 20,000

General & administrative expenses 20,000

Indirect materials 17,500

Production Supervisor, Salary 21,000

Purchases of raw materials 28,000

Raw materials inventory, ending 19,000

Raw materials inventory, beginning 18,000

Rent on production factory 19,000

Rent, retail store 18,000

Sales 243,000

Utilities on production factory 17,500

Utilities, retail store 17,000

Wages, retail staff 20,000

LWIP inventory, beginning 19,500

WIP inventory, ending 21,500

Required -

1. Prepare a schedule of cost of goods manufactured in good format.

2. Prepare the cost of goods sold section of the income statement.

3. Prepare an income statement in good format.