Reference no: EM132725312

Problem - The following information is provided for J. Klein Manufacturing Company. Prepare (1) a schedule of cost of goods manufactured, and (2) the related cost of goods sold section of the income statement for the company for the year ended December 31, 20--. Assume that all materials inventory items are direct materials.

Materials inventory, January 1 $26,000

Materials purchases for the year 39,000

Materials inventory, December 31 28,000

Direct labor for the year 58,000

Factory overhead for the year 30,000

Work in process, January 1 65,000

Work in process, December 31 73,000

Finished goods inventory, January 1 47,000

Finished goods inventory, December 31 42,000