assignment

Problem 2.1 ( LO2 )  Cost of Goods Manufactured, Cost of Goods Sold, and Income The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2020:

Beginning balance in Work in Process Inventory	$210,000
Ending balance in Work in Process Inventory	300,000
Beginning balance in Finished Goods Inventory	500,000
Ending balance in Finished Goods Inventory	400,000
Direct material cost	2,500,000
Direct labor cost	3,000,000
Manufacturing overhead	1,700,000
Selling and administrative expenses	1,350,000
Sales	8,500,000

Required

1. Prepare a schedule of cost of goods manufactured.

2. Prepare an income statement for fiscal 2020. Ignore income taxes.

Directions: Please reference this chapter and problem in your textbook. Refer to problem instructions in the textbook. Please upload your completed assignment to this page by the due date.Please note that all textbook assignments must be submitted in Excel.