Reference no: EM132687750

Question - George Manufacturing Company provided the following details about operations in February:

Purchases of raw materials $148,000

Maintenance, factory 38,800

Direct labor 33,700

Depreciation, factory equipment 57,400

Indirect materials, factory 3,300

Selling and administrative salaries 44,300

Utilities, factory 27,200

Sales commissions 18,100

Insurance, factory equipment 4,300

Depreciation, office equipment 21,200

Advertising expenses 110,500

Rent, factory building ?

The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:

Beginning of Month

Raw materials $31,000

Work in process 26,400

Finished goods 18,000

Raw materials used in production cost $155,520, total overhead costs for the month were $188,720, the goods available for sale totaled $384,000, and the cost of goods sold totaled $335,500. Sales revenue was $559,200.

Required -

1. Prepare schedule of cost of goods manufactured and cost of goods sold for the month.

2. Prepare traditional income statement for the month (with proper heading and format).