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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
115,000
Direct material purchases
88,000
131,000
Depreciation: factory
18,000
Raw (direct) materials on hand
Indirect materials used
10,000
31,000
Indirect labor
24,000
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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