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

question 166

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:

Midrange

The arithmetic mean of the maximum and minimum values in a data set, serving as a measure of central tendency.

Mode

The value that appears most frequently in a data set, representing the highest peak in a distribution.

Percentile

A value below which a given percentage of observations in a group falls, used in statistics to provide a measure of relative standing within a set of values.

Cumulative Relative Frequency

The accumulation of the previous relative frequencies up to a certain class or point, showing the proportion of observations below a particular value in a dataset.