Reference no: EM132565379
Question - The following information applies to the Jamison Tools Company for the year ended December 31, 2019:
Factory Rent $330,000
Direct Materials Inventory, Beginning 96,000
Direct Materials Inventory, Ending 87,000
Direct Materials Purchases 654,000
Direct Labor-Wages 425,000
Indirect Labor-Wages 28,000
Finished Goods Inventory, Beginning 25,000
Finished Goods Inventory, Ending 44,000
Indirect Materials 66,000
Plant Utilities 40,000
General and Administrative 101,350
Work-in-Process Inventory, Beginning 27,000
Work-in-Process Inventory, Ending 33,000
Marketing Expenses 225,000
Sales Revenue 2,550,000
Required -
(a) Prepare a statement of cost of goods manufactured.
(b) Prepare a statement of an income statement for the year ended December 31, 2019. (Show the full working)