Cost of goods manufactured statement

Assignment Help Accounting Basics

Reference no: EM13143048

Jordan Company produced 150,000 floor lamps during the past calendar year. Jordan had 2500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11500 floor lamps in finished goods inventory. The lamps sell for $50 each. Jordan's accounting records provide the following information for the past year.

Purchases of direct material 1,675,000
Direct materials inventory, January 1 380,000
Direct materials inventory, December 31 327,000
Direct labor 2,000,000
Indirect labor 790,000
Depreciation, factory building 1,100,000
Depreciation, factory equipment 630,000
Property taxes on the factory 62,000
Utilities, factory 150,000
Insurance on the factory 200,000
Research and development 120,000
Salary, sales supervisor 85,000
Commissions, salespersons 370,000
General administration 390,000
Work in process, inventory January 1 450,000
Work in process inventory, December 31 750,000
Finished goods inventory, January 1 107,500
Finished goods inventory, December 31 489,000

1. Prepare a cost of goods manufactured statement

2. Compute the cost of producing one floor lamp last year

3. Prepare an income statement on an absorption-costing basis

Reference no: EM13143048

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