Michael Corporation Has Provided the Following Data for the Month

question 27

Essay

Michael Corporation has provided the following data for the month of July:
$$\begin{array} { l r } \text { Sales } & \$ 280,000 \\\text { Raw materials purchases } & 76,000 \\\text { Direct labor cost } & 42,000 \\\text { Manufacturing overhead } & 77,000 \\\text { Selling expenses } & 20,000 \\\text { Administrative expense } & 35,000\end{array}$$
Inventories:
$$\begin{array} { l r r } & \text { Beginning } & \text { Ending } \\\text { Raw materials } & \$ 22,000 & \$ 33,000 \\\text { Work-in-process } & 15,000 & 23,000 \\\text { Finished good } & 52,000 & 43,000\end{array}$$
Required:
a. Prepare a Statement of Cost of Goods Manufactured in good form for July.
b. Prepare an Income Statement in good form for July.

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Definitions:

Data Dictionary

A centralized repository of information about data such as meaning, relationships to other data, origin, usage, and format.

Unique

Being the only one of its kind; unlike anything else, particularly in the context of identifiers or values in computing.

Key Field

A field in a database table that is used to uniquely identify records, ensuring data integrity.