Based on the Following Information,prepare a Schedule of Cost of Goods

question 118

Essay

Based on the following information,prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31,2020
$\begin{array}{|l|r|}\hline \text { Beginning Work-in-Process Inventory, Jan. 1 } & \$ 60,000 \\\hline \text { Ending Work-in-Process Inventory, Dec. 31 } & 40,000 \\\hline \text { Beginning Finished Goods Inventory, Jan. 1 } & 50,000 \\\hline \text { Ending Finished Goods Inventory, Dec. 31 } & 20,000 \\\hline \text { Net Sales Revenue } & 1,800,000\\\hline \text { Selling and Administrative Expenses } & 500,000 \\\hline \text { Direct Labor } & 300,000 \\\hline \text { Manufacturing Overhead; actual and allocated } & 400,000 \\\hline \text { Direct Materials Used } & 200,000 \\\hline \text { Income Tax Expense } & 70,000\\\hline\end{array}$

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Definitions:

Corpus Luteum

A temporary endocrine structure in female ovaries that secretes progesterone after ovulation.

Ruptured Follicle

A follicle that releases its egg during ovulation, sometimes referred to as ovulation itself.

Progesterone

A steroid hormone released by the corpus luteum that regulates the condition of the endometrium (lining of the uterus), making it suitable for pregnancy.

Oviducts

Tubes through which eggs travel from the ovaries to the uterus in female mammals; also known as fallopian tubes.