# Cost Accounting

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
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.

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