Can’t figure any of this out. Selling expenses $ 213,000 Purchases of raw materials $ 267,000 Direct labor ? Administrative expenses $ 160,000 Manufacturing overhead

Can’t figure any of this out.

Selling expenses $ 213,000

Purchases of raw materials $ 267,000

Direct labor ?

Administrative expenses $ 160,000

Manufacturing overhead applied to work in process $ 334,000

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 $ 58,000 $ 34,000

Work in process ? $ 28,000

Finished goods $ 38,000 ?

The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $35,000. 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. (Input all amounts as positive values. Omit the “$” sign in your response.)

Valenko Company

Schedule of Cost of Goods Manufactured

Direct materials:

$

:

Total raw materials available

:

Raw materials used in production

Total manufacturing cost

:

:

Cost of goods manufactured $

b.

Prepare a schedule of cost of goods sold. (Input all amounts as positive values. Omit the “$” sign in your response.)

Valenko Company

Schedule of Cost of Goods Sold

$

:

:

:

Adjusted cost of goods sold $

c.

Prepare an income statement for the year. (Input all amounts as positive values. Omit the “$” sign in your response.)

Valenko Company

Income Statement

$

Selling and administrative expenses:

$

$

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