Information About Carter Company for the Year Ending December 31,is

question 1

Essay

Information about Carter Company for the year ending December 31,is as follows:
$\begin{array}{lr}\text { Sales}&\$300,000\\\text { Selling and administrative expenses}&18,000\\\text {Net income }&8,000\\\\\text {Beginning inventories: }&\\\text {Direct materials }&20,000\\\text {Work in process }&18,000\\\text {Finished goods }&62,000\\\end{array}$
Ending direct materials is 20 percent larger than beginning direct materials.Ending work in process is half of the beginning work in process.Ending finished goods increased by $8,000 during the year.Prime costs and conversion costs are 70 percent and 60 percent of total manufacturing costs added,respectively.Materials purchases are $113,200.
a.Prepare a statement of cost of goods manufactured.
b.Prepare an income statement.
Note: Find the numbers for the income statement first.

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