Schedule of cost of goods manufactured, income statement The following information was taken from...
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Accounting
Schedule of 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.
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