PREPARE A SCHEDULE OF RAW MATERIALS PLACED IN PRODUCTION FOR THE YEAR ENDED DECEMBER 31, 2021 ESSAY WRITING SERVICES
The following information is for Diablo, Inc., for the year ended December 31, 2021.
| Raw materials inventory beginning balance | $ 60,000 |
| Raw materials inventory ending balance | $ 48,000 |
| Work-in-process inventory beginning balance | $3,300,000 |
| Work-in-process inventory ending balance | $3,600,000 |
| Finished goods inventory beginning balance | $2,460,000 |
| Finished goods inventory ending balance | $2,100,000 |
| Raw material purchases | $ 600,000 |
| Direct labor used in production | $ 750,000 |
| Manufacturing overhead (not indirect materials) | $3,780,000 |
| Selling costs | $ 540,000 |
| General and administrative | $1,440,000 |
| Sales revenue | $7,590,000 |
Of the total raw materials placed in production for the year, $72,000 was for indirect materials.
Required:
- Prepare a schedule of raw materials placed in production for the year ended December 31, 2021.
- Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021.
- Prepare a schedule of cost of goods sold for the year ended December 31, 2021.
- Prepare an income statement for the year ending December 31, 2021.
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