Based on the Following Information, Prepare a Schedule of Cost

question 30

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:

Market Shares

The percentage of total sales or total demand in an industry attributed to a particular company over a specified period.

Buyer-Seller Relationships

The interactions and associations between individuals or businesses engaging in the exchange of goods and services.

Conglomerate Merger

A type of corporate action where firms in unrelated business activities or industries merge or acquire each other.

Horizontal Merger

A business consolidation that occurs between firms which operate in the same industry, often aimed at reducing competition or achieving economies of scale.