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JACKSON COMPANY |
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Finished goods inventory, beginning |
$40,000 |
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Finished goods inventory, ending |
$20,000 |
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Administrative expenses |
$100,000 |
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Total Manufacturing overhead: |
$105,000 |
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Purchases of raw materials |
$125,000 |
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Raw materials inventory, beginning |
$15,000 |
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Raw materials inventory, ending |
$18,000 |
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Direct labor |
$80,000 |
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Work in process inventory, beginning |
$28,000 |
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Work in process inventory, ending |
$25,000 |
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Sales |
$550,000 |
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Selling expenses |
$70,000 |
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Problem 1:
Jackson Company reports the following information for the year ended December 31, 2013:
What were the following amounts for 2013?
1. Cost of direct materials moved into production?
2. Cost of Goods Manufactured
3. Cost of goods sold?
4. Net Income?
Attachments:
211-Homework1….docx