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Materials inventory, December 1 3 45,000 21,000 Materials purchased Cost of direct materials used in...

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Accounting

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Materials inventory, December 1 3 45,000 21,000 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December 350,000 Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 133,000 59,000 398,000 48,000 353,000 62,000 448,000 356,000 Cost of goods sold Gross profit Net income 38,000 1. 2. Determine the missing amounts. (6 points) Prepare a statement of cost of goods manufactured for Jimmy Buffett Company for the year ended December 31, 2017 in proper format. (6 Points) Prepare an income statement for Jimmy Buffett Company for the year ended December 31, 2017 in proper format. (6 Points) 3

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