... 921,600 23, 040,0009,000 35 0 3, 150,000 81,000,0004,900 186 911,400 24,010,0004,600 218 1,002,800 21,160,0008,900 34 7 3, 088 ,30 0 79,210,0005,900 248 1,4 63, 200 34 ,810,0005,500 231 1,270,500 30 ,250,000 43, 600 ... Goods, 4 /30 /01 (91,600) Cost of Goods Sold $1,054,000EXHIBIT 3 12 Cost of Goods Manufactured and Cost of Goods SoldSchedulesACCUMULATION OF PRODUCT COSTS—NORMAL COST SYSTEMIn a normal cost system, ... unexpired costs (assets) and eq-uities (liabilities and owners’ capital); the income statement is a statement of rev-enues and expired costs (expenses and losses). The concept of matching revenuesand...