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

question 95

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
$\begin{array}{|l|r|}\hline \text { Beginning Work-in-Process Inventory, Jan, 1 } & \$ 60,000 \\\hline \text { Ending Work-in-Process Inventory, Dec. 31 } & 40,000 \\\hline \text { Beginning Finished Goods Inventory, Jan. 1 } & 50,000 \\\hline \text { Ending Finished Goods Inventory, Dec. 31 } & 20,000\\\hline \text { Net Sales Revenue } & 1,800,000 \\\hline \text { Selling and Administrative Expenses } & 500,000 \\\hline \text { Direct Labor } & 300,000\\\hline \text { Manufacturing Overhead; actual and allocated } & 400,000 \\\hline \text { Direct Materials Used } & 200,000 \\\hline \text { Income Tax Expense } & 70,000 \\\hline \end{array}$

---

Definitions:

Competitive Environment

The arena of business competition characterized by the active rivalry between firms to gain and maintain customer loyalty and market share.

Modes of Conduct

Established ways or methods of behaving in social or professional settings.

States of Existence

The various conditions or forms that something can be in, which may include physical, digital, or conceptual states.

Economic Espionage

The unlawful targeting or acquisition of sensitive financial, trade, or economic information about competitors for competitive advantage.