Accounting

"The following data are available for Markham Corporation for the current year (dollar amounts in thousands "Sales "5000 "Raw materials purchased "1050 "Conversion costs "3530 "Beginning inventory " Finished goods "700 " WIP "80 " Raw materials "200 "Ending inventory " Finished goods "900 " WIP "140 " Raw materials "220 "Income tax rate "0 .5175781 "Return on sales "0 "Times interest earned "9 "Required "1 ) Prepare a schedule of cost of goods manufactured and sold "2 ) Prepare an income statement in proper format , in as much detail as possible "Markham Corporation "Schedule for the Cost of Goods Manufactured "For the year ended Decemeber 31 , 20XX

"Direct Material "Beginning Raw Material "200 "Add : Net Purchases of Raw Material "1050 "Raw Material Available "1250 "Less : Ending Raw Material Inventory "-220 "Raw Material Transferred to Production "1030 "Conversion Cost "3530 "Total Manufacturing Cost "2280 "Add : Beginning Work in Progress Inventory "80 "2360 "Less : Ending Work in Progress Inventory "-140 "Cost of Goods Manufactured "2220 "Markham Corporation "Schedule for the Cost of Goods Sold "For the year ended Decemeber 31 , 20XX "Beginning Finish Good Inventory "700 "Add : Cost of Goods Manufactured "2220 "Goods Available for Sale "2920 "Less : Ending Finish Good Inventory "-900 "Cost of Goods Sold "2020 "Markham Corporation "Schedule for the Cost of Goods Sold "For the year ended Decemeber 31 , 20XX "Sales "5000 "Less : Cost of Goods Sold "Beginning Finish Good Inventory "700 "Add : Cost of Goods Manufactured "2220 "Goods Available for Sale "2920 "Less : Ending Finish Good Inventory "-900 "Cost of Goods Sold "2020...