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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 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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