The adjusted trial balance of Kokomo Furniture Company on November 30, the end of its first month of operation, is as follows:

Kokomo Furniture Company

Trial Balance

November 30, 2013

Cash 21,800

Accounts Receivable 16,200

Finished Goods 13,900

Work in Process –

Materials 7,400

Building 300,000

Accumulated depreciation – Building 3,000

Machinery and Equipment 88,000

Accumulated depreciation – Mach. And Equip. 2,200

Accounts Payable 8,900

Payroll –

Capital stock 422,550

Sales 68,300

Cost of goods sold 42,450

Factory overhead –

Selling and Administrative Expense 15,200

$504,950 $504,950

The general ledger reveals the following additional data:

a. There were no beginning inventories.

b. Materials purchases during the period were $33,000.

c. Direct labor cost was $18,500.

d. Factory overhead costs were as follows:

Indirect materials 1,400

Indirect labor 4,300

Depreciation – building 3,000

Depreciation – machinery and equipment 2,200

Utilities 2,750

$13,650

Required:

1. Prepare a statement of cost of goods manufactured for the month of November.

2. Prepare an income statement for the month of November.

3. Prepare a balance sheet as of November 30.