Problem 2-43 in Managerial Accounting book Creating Value in a Dynamic Business Envornment. - show work on problemsSales Revanue................... $950,000Work in process inventory, December XXXXXXXXXX,000Work in process inventory, January XXXXXXXXXX,000Selling and administrative expenses XXXXXXXXXX,000Income tax expense XXXXXXXXXX,000Purchases of raw material XXXXXXXXXX,000Raw-material inventory, December 31. XXXXXXXXXX25,000Raw-material inventory, January 1........ XXXXXXXXXX40,000Direct labor.......... XXXXXXXXXX200,000Utilities: plant... XXXXXXXXXX40,000Depreciation: plant and equipment XXXXXXXXXX,000Finished-goods inventory, December XXXXXXXXXX50,000Finished-goods inventory, January XXXXXXXXXX20,000Indirect material......... XXXXXXXXXX10,000Indirect labor.......... XXXXXXXXXX15,000Other manufacturing overhead......... XXXXXXXXXX80,000
1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year.2. Prepare San Fernando Fashions schedule of cost of goods sold for the year.3. Prepare San Fernando Fashions income statement for the year.4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if raw-material purchases amounted to $190,000 and indirect labor was $20,000.