Michael Corporation Has Provided the Following Data for the Month

Essay

Michael Corporation has provided the following data for the month of July:
$$\begin{array} { l r } \text { Sales } & \$ 280,000 \\\text { Raw materials purchases } & 76,000 \\\text { Direct labor cost } & 42,000 \\\text { Manufacturing overhead } & 77,000 \\\text { Selling expenses } & 20,000 \\\text { Administrative expense } & 35,000\end{array}$$
Inventories:
$$\begin{array} { l r r } & \text { Beginning } & \text { Ending } \\\text { Raw materials } & \$ 22,000 & \$ 33,000 \\\text { Work-in-process } & 15,000 & 23,000 \\\text { Finished good } & 52,000 & 43,000\end{array}$$
Required:
a. Prepare a Statement of Cost of Goods Manufactured in good form for July.
b. Prepare an Income Statement in good form for July.