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Schedule of cost of goods manufactured, income statement The following information was taken from...

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Accounting

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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