EXERCISE 3–8 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement…

EXERCISE 3–8 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO6]

The following data from the just completed year are taken from the accounting records of  Eccles

Company:

 

 

 

Required:

1.       Prepare a schedule of cost of goods manufactured. Assume all raw materials used in produc- tion were direct materials.

2.       Prepare a schedule of cost of goods sold.

3.       Prepare an income statement.