Instructions: Based on HW 2-41, prepare a "Cost of Goods Manufactured Schedule" and "Income Statement" using three T-accounts, i.e., Direct Materials, Work-in-Progress, and Finished Goods.

Sheet1
    Direct Material
    Inventory - Jan. 1        $34    Work in process        $118
    Mateial Purchase        $88    Inventory - Dec. 31        $4
            $122            $122
    Work in Process
    Inventory - Jan. 1        $10    Cost of Goods Manufactured        $224
    Direct Material        $118
    Direct Labor        $40
    Manufacturing Overhead        $61    Balance - Dec. 31        $5
            $229            $229
    Finished Goods
    Inventory - Jan. 1        $46    Cost of goods sold        $254
    Work in process        $224    Inventory - Dec. 31        $16
            $270            $270
    Accounts Payable
    Cash Paid        $109    Balance - Jan. 1        $45
    Balance - Dec. 31        $24    Material...