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
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.