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

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Definitions:

Instrumental Aid

Assistance provided through means or tools that contribute directly to achieving a task or goal.

Socializing

The process of interacting with others to build relationships, learn social norms, and develop social skills.

Type A Behavior Pattern

A personality trait characterized by high levels of competitiveness, aggressiveness, impatience, and a constant sense of urgency, often associated with an increased risk of heart disease.

Type B Behavior Pattern

A personality type characterized by relatively relaxed, non-urgent approach to life, in contrast to the more intense, competitive nature of Type A behavior.