Iidentify cost of goods manufactured for the period and

Question

Iidentify Cost of Goods Manufactured for the period and create an income statement for August 2014.

Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Valley Manufacturing Company for August 2014 follows:

Sales                                                        $210,000
Selling and administrative expenses            85,000
Purchases of raw materials                         30,000
Direct labor                                               20,000
Manufacturing overhead                             37,000

                                           Inventories

                               August 1               August 31

Raw materials           $ 8,000                  $ 5,000

Work-in-process        14,000                    11,000

Finished goods          15,000                     19,000