ACC 206 Week 2 Problem 4 Schedule of cost of goods manufactured, income statement (Updated October 2013).

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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      $75,000                           Administrative expenses             $63,000

Selling expenses     36,000                       Work in. process

 Sales                     310,000                        Jan.                                                   1 32,000

Finished goods                                           Dec. 31                                             21,000

             Jan. 1              115,000                  Direct material purchases             87,000

             Dec. 31           131,000                  Depreciation: factory                     21,000

Raw (direct) materials on hand                Indirect materials used                 11,000

   Jan. 1                        31,000                      Indirect labor                                 26,000

   Dec. 31                     40,000                      Factory taxes                                   8,000

                                                                        Factory utilities                               12,000

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.