Exercise A Algo Preparing financial statements LO
Jordan Corporation began fiscal Year with the following balances in Its Inventory accounts.
Raw Materials
Work in Process
Finished Goods
$
During the accounting perlod, Jordan purchased $ of raw materlals and issued $ of materlals to the production
department. Direct labor costs for the perlod amounted to $ and manufacturing overhead of $ was applied to Work in
Process Inventory. Assume that there was no over or underapplied overhead. Goods costing $ to produce were completed
and transferred to Finished Goods Inventory. Goods costing $ were sold for $ during the perlod. Selling and
administrative expenses amounted to $
Required
a Determine the ending balance of each of the three Inventory accounts that would appear on the yearend balance sheet.
b Prepare a schedule of cost of goods manufactured and sold.
b Prepare an Income statement.
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured and sold.
