Problem
Pirki Corporation has provided the following data for the month of March: Raw materials purchases $71,000 Direct labor cost $83,000 Manufacturing overhead cost incurred $74,000 indirect materials included in manufacturing overhead cost incurred $5,000 Manufacturing overhead costs applied to Work in Process $71,000 Revenues $450,000 Selling and Administrative Expenses $44,000 Prepare a Schedule of Cost of Goods Manufactured. Prepare a Schedule of Cost of Goods Sold. Prepare an Income Statement.