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Exercise 11-11A (Algo) Preparing financial statements LO 11-3 Jordan Corporation began fiscal Year...

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Accounting

Exercise 11-11A (Algo) Preparing financial statements LO 11-3
Jordan Corporation began fiscal Year 2 with the following balances in Its Inventory accounts.
Raw Materials
Work in Process
Finished Goods
$54,690
82,690
27,690
During the accounting perlod, Jordan purchased $238,600 of raw materlals and issued $249,200 of materlals to the production
department. Direct labor costs for the perlod amounted to $322,300, and manufacturing overhead of $46,200 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,000 to produce were completed
and transferred to Finished Goods Inventory. Goods costing $600,100 were sold for $801,400 during the perlod. Selling and
administrative expenses amounted to $71,000.
Required
a. Determine the ending balance of each of the three Inventory accounts that would appear on the year-end balance sheet.
b1. Prepare a schedule of cost of goods manufactured and sold.
b2. Prepare an Income statement.
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured and sold.
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