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Prepare a statement of cost of goods manufactured

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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)

Reference no: EM132565379

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