# Help please! Due tomorrow! Inc. is a small manufacturer of over-priced nick-nack storage/presentation boxes. Each box...

###### Question: Help please! Due tomorrow!

Inc. is a small manufacturer of over-priced nick-nack storage/presentation boxes. Each box is hand-crafted from South American rosewood and is sold to people who feel the need to spend $2,000 on container about the size of a shoe-box. At the beginning of 2020 Ego Box had the following balances in their various inventory accounts: Direct Materials Work In Process Finished Goods$4,000 3,000 4,000 (4 boxes @ $1,000) During 2020 EgoBox: • 2. 3. . Purchased$18,000 of Direct Materials Incurred $23,000 of Direct Labor Incurred$24,000 of Factory Overhead Applied $23,000 of Overhead to Work In Process Spent$33,000 on Selling & Administrative costs Manufactured 60 boxes Sold 53 boxes for $2,000 each 6. . At the end of 2020 EgoBox had the following balances in their inventory accounts: Direct Materials Work In Process Finished Goods$5,000 2,000 repare the following, assuming EgoBox uses the FIFO cost flow assumption: • • Schedule of Cost of Goods Manufactured Schedule of Cost of Goods Sold Income Statement for 2020 (assuming there is no income tax).

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