The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013:

Materials Inventory as at 1 January 2013 $ 20,000
Materials Inventory as at 31 December 2013 $ 24,000
Work in process Inventory as at 1 January 2013 $ 12,000
Work in process Inventory as at 31 December 2013 $ 8,000
Finished goods Inventory as at 1 January 2013 $ 80,000
Finished goods Inventory as at 31 December 2013 $ 90,000
Direct Materials used $210,000
Direct Labour $ 120,000
Administrative Expenses $ 310,000
Sales $ 700,000

Required:
1. Prepare a Schedule of the Cost of Finished Goods Manufactured for the year ended 31 December 2013.
2. Prepare the Income statement for the period ending 31 December 2013.

To prepare the Schedule of the Cost of Finished Goods Manufactured and the Income statement for the year ended December 31, 2013, we need to analyze the given information and perform the necessary calculations.

1. Schedule of the Cost of Finished Goods Manufactured:
The Cost of Finished Goods Manufactured represents the total cost incurred to produce the finished goods during the year. It can be calculated using the following formula:
Cost of Finished Goods Manufactured = Direct Materials Used + Direct Labor + Manufacturing Overhead + Beginning Work in Process Inventory - Ending Work in Process Inventory

Given information:
Direct Materials Used = $210,000
Direct Labor = $120,000
Work in process Inventory (January 1, 2013) = $12,000
Work in process Inventory (December 31, 2013) = $8,000

Calculations:
Cost of Finished Goods Manufactured = $210,000 + $120,000 + Manufacturing Overhead + $12,000 - $8,000

To calculate the Manufacturing Overhead, we need to know the actual Manufacturing Overhead amount. Unfortunately, the given information does not provide the Manufacturing Overhead value. Without that information, we cannot accurately calculate the Cost of Finished Goods Manufactured.

2. Income Statement:
The Income Statement shows the financial performance of a company over a specific period. It reports the revenues, expenses, and resulting net income or loss. To prepare the Income Statement, we need the following details:

Given information:
Direct Materials Used = $210,000
Direct Labor = $120,000
Administrative Expenses = $310,000
Sales = $700,000

Calculations:
Revenue (Sales) = $700,000
Cost of Goods Sold (COGS) = Direct Materials Used + Direct Labor + Manufacturing Overhead (if available)
Gross Profit = Revenue - COGS
Operating Expenses = Administrative Expenses
Net Income = Gross Profit - Operating Expenses

Without the Manufacturing Overhead information, we can calculate partially:

COGS = Direct Materials Used + Direct Labor
Gross Profit = $700,000 - COGS
Operating Expenses = $310,000
Net Income = Gross Profit - Operating Expenses

Please note that without the Manufacturing Overhead amount, the COGS and Gross Profit calculated will not be accurate.