Scheduleof cost of goods manufactured, income statement
The following information was taken from the ledger of Jefferson Industries, Inc.:
|
Direct labor |
$85,000 |
Administrative expenses |
$59,000 |
|
|
Selling expenses |
34,000 |
Work in. process: |
||
|
Sales |
300,000 |
Jan. 1 |
29,000 |
|
|
Finished goods |
Dec. 31 |
21,000 |
||
|
Jan. 1 |
115,000 |
Direct material purchases |
88,000 |
|
|
Dec. 31 |
131,000 |
Depreciation: factory |
18,000 |
|
|
Raw (direct) materials on hand |
Indirect materials used |
10,000 |
||
|
Jan. 1 |
31,000 |
Indirect labor |
24,000 |
|
|
Dec. 31 |
40,000 |
Factory taxes |
8,000 |
|
|
Factory utilities |
11,000 |
|||
Prepare the following:
a. A schedule of cost of goods manufactured for the year ended December 31.
b. An income statement for the year ended December 31.