Question - The following data refer to XYZ Fashions Company for the year 2016
Sales revenue - $1,000,000
Work-in-process inventory, December 31 - 30,000
Work-in-process inventory, January 1 - 50,000
Selling and administrative expenses - 150,000
Income tax expense - 90,000
Purchases of raw material - 180,000
Raw-material inventory, December 31- 25,000
Raw-material inventory, January 1 - 40,000
Direct labor - 180,000
Utilities: plant - 50,000
Depreciation: plant and equipment - 60,000
Finished-goods inventory, December 31 - 50,000
Finished-goods inventory, January 1 - 20,000
Indirect material - 10,000
Indirect labor - 15,000
Other manufacturing overhead - 60,000
Instructions: Create schedule of cost of goods manufactured for the year.