Schedule of cost of goods, Financial Accounting

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

Do the following:

a.       A schedule of cost of goods manufactured for the year finished December 31.

b.      An income statement for the year finished December 31.

 

Posted Date: 3/21/2013 7:04:53 AM | Location : United States







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