The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013:
Materials Inventory as at 1 January 2013 $ 20,000
Materials Inventory as at 31 December 2013 $ 24,000
Work in process Inventory as at 1 January 2013 $ 12,000
Work in process Inventory as at 31 December 2013 $ 8,000
Finished goods Inventory as at 1 January 2013 $ 80,000
Finished goods Inventory as at 31 December 2013 $ 90,000
Direct Materials used $210,000
Direct Labour $ 120,000
Administrative Expenses $ 310,000
Sales $ 700,000
Required:
1. Prepare a Schedule of the Cost of Finished Goods Manufactured for the year ended 31 December 2013.
2. Prepare the Income statement for the period ending 31 December 2013.