Question - The following data refer to XYZ Fashions Company for the year 2016

Sales revenue - $1,000,000

Work-in-process inventory, December 31 - 30,000

Work-in-process inventory, January 1 - 50,000

Selling and administrative expenses - 150,000

Income tax expense - 90,000

Purchases of raw material - 180,000

Raw-material inventory, December 31- 25,000

Raw-material inventory, January 1 - 40,000

Direct labor - 180,000

Utilities: plant - 50,000

Depreciation: plant and equipment - 60,000

Finished-goods inventory, December 31 - 50,000

Finished-goods inventory, January 1 - 20,000

Indirect material - 10,000

Indirect labor - 15,000

Other manufacturing overhead - 60,000

Instructions: Create schedule of cost of goods manufactured for the year.