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.