Schedule of cost of goods, Financial Accounting

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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.

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