End of fiscal year 2022, John Co. had the following balances: Raw materials inventory: $45,500 Work in process inventory: 87400 Finished goods inventory: 25600 During 2022, the company purchased raw materials costing $224000 and used $218000 of those raw materials in production. Total direct labor costs amounted to $187,500. Overhead applied to work in process was $98,000 but actual overhead costs totaled $102,600. During the year, the company completed products costing $511,000. Their total selling and admin expenses were $98,000. Product sales were $714,000 for goods costing $510,000 to produce. All transactions were cash. Prepare a schedule of costs of goods manufactured and sold for the year 2022. Prepare an income statement for 2022. Please avoid image based solutions thnx
End of fiscal year 2022, John Co. had the following balances:
Raw materials inventory: $45,500
Work in process inventory: 87400
Finished goods inventory: 25600
During 2022, the company purchased raw materials costing $224000 and used $218000 of those raw materials in production. Total direct labor costs amounted to $187,500.
Prepare a schedule of costs of goods manufactured and sold for the year 2022.
Prepare an income statement for 2022.
Please avoid image based solutions thnx
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