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ACC 206 Week 2 Chapter 3 Exercise 5 Schedule of cost of goods manufactured, income statement

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Chapter 3 Exercise 5: Schedule of cost of goods manufactured, income statement 
The following information was taken from the ledger of Jefferson Industries, Inc.:
Direct labor     $85,000 
 
Selling
Administrative expenses
$59,000 
34,000 expenses
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: 
  1. a.       A schedule of cost of goods manufactured for the year ended December 31. 
An income statement for the year ended December 31.

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