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430 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada NAME: SECTION: Problem \#2 Manufacturing Overhead, Statement of Cost of Goods Manufactured and Income Statement The following account balances and other information were taken from the accounting records of Godofredo Cadelina Corporation for the year ended Dec. 31, 2020. Use the information to prepare a schedule of manufacturing overhead costs, a manufacturing statement (show only the total overhead cost), and an income statement. Advertising Expense Amortization of Patents Uncollectible Accounts Expense Depreciation Expense-Office Equipment Depreciation Expense-Factory Building Depreciation Expense-Factory Equipment Direct Labor Factory Insurance Expense Factory Supervision Factory Supplies Expense Factory Utilities Finished Goods Inventory, Dec. 31, 2019 Finished Goods Inventory, Dec. 31, 2020 Work in Process Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2020 Indirect Labor Interest Expense Miscellaneous Expenses Property Taxes - Factory Site Raw Materials Inventory, Dec. 31, 2019 Raw Materials Inventory, Dec, 31, 2020 Purchases-Raw Materials Repairs and Maintenance-Factory Equipment Salaries Expense sales 85,000 16,000 28,000 37,000 133,000 78,000 250,000 62,000 74,000 21,000 115,000 15,000 12,500 8,000 9,000 26,000 25,000 55,000 14,000 60,000 78,000 313,000 31,000 150,000 $1,630,000$ Required: 1. Analyze the list of the costs and select those items that are manufacturing overhead. 2. Arrange these costs in a schedule of manufacturing overhead costs for 2020 . 3. Prepare the cost of goods manufactured statement for 2020. 4. Prepare the income statement for 2020.

Answer required 2-4

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