Solution-Schedule of cost of goods manufactured income

Schedule of cost of goods manufactured income statement

Assignment Help Financial Accounting

Reference no: EM13490626

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.

Reference no: EM13490626

Questions Cloud

Reforms to enhance audit quality : Empowering ASIC to issue an audit deficiency report in relation to an individual audit firm if it identifies an audit deficiency in the auditor's quality control system or the conduct of an audit that may be detrimental to the overall quality of the ..

Determine the cost of the finished goods inventory : What is the likely effect on the $4.50 unit cost of direct materials if next year's production increases? Why?

How much force would be needed to pull the cork out : A cork 2.0 cm in radius is used to close one end of a tube whose other end is connected to a vacuum pump. How much force would be needed to pull the cork out

What is the tension force on the cable : A rod pushes with a force of 23N on a cable that holds an 84N sign. what is the tension force on the cable

Schedule of cost of goods manufactured income statement : Schedule of cost of goods manufactured, income statement.

Explain the total volume of the jewelry is the sum : Consider a piece of gold jewelry that weighs 9.95 and has a volume of 0.695 . The jewelry contains only gold and silver, which have densities of 19.3 and 10.5 , respectively. If the total volume of the jewelry is the sum of the volumes of the gold

Definitions of manufacturing concepts : Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended.

Examine the income statement of that company : Examine the income statement of that company for each of the last few years of its existence, we'd find that the company was profitable. Its revenues exceeded its expenses, and the company thus reported a "net income" (as opposed to a net loss).

Express product costs and period costs : Determine which of these costs are product costs and which are period costs.

User Account

All Pages

Schedule of cost of goods manufactured income statement

Reference no: EM13490626

Reference no: EM13490626

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT