The following data refer to XYZ Fashions Company for the year 2016Sales revenue – $1,000,000Work-in-process inventory, December 31 -30,000Work-in-process inventory, January 1 – 50,000Selling and administrative expenses – 150,000Income tax expense – 90,000Purchases of raw material – 180,000Raw-material inventory, December 31- 25,000Raw-material inventory, January 1 – 40,000Direct labor – 180,000Utilities: plant – 50,000Depreciation: plant and equipment – 60,000Finished-goods inventory, December 31 – 50,000Finished-goods inventory, January 1 – 20,000Indirect material – 10,000Indirect labor – 15,000Other manufacturing overhead – 60,000Instructions:Create schedule of cost of goods manufactured for the year.
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