The following are various sales and cost data for Camelot Corporation for the year ended
December 31, 2020:
Finished goods inventory, January 1
Finished goods inventory, December 31
Indirect factory materials 11,000
Purchases of raw materials
Raw materials inventory, January 1
Raw material inventory, December 31
Direct factory labour
Indirect factory labour
15,000 Work in process inventory, January 1
17,000 Work in process inventory, December 31
1. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020.
2. Prepare a schedule of cost of goods sold for the year ended December 31, 2020.
3. Prepare an income statement for the year ended December 31, 2020
You must answer this question using the Excel spreadsheet. Each part of the solution must be
entered in the appropriate tab set-up in the spreadsheet. Please make sure that your schedules
and statements have the appropriate titles and headings. Where calculation are involved, make
sure you use the appropriate functions embedded in Excel rather than doing the calculation on
your calculator and simply recording the final answer in the cell.