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JACKSON COMPANY
Finished goods inventory, beginning
$40,000
Finished goods inventory, ending
$20,000
Administrative expenses
$100,000
Total Manufacturing overhead:
$105,000
Purchases of raw materials
$125,000
Raw materials inventory, beginning
$15,000
Raw materials inventory, ending
$18,000
Direct labor
$80,000
Work in process inventory, beginning
$28,000
Work in process inventory, ending
$25,000
Sales
$550,000
Selling expenses
$70,000
Problem 1:
Jackson Company reports the following information for the year ended December 31, 2013:
What were the following amounts for 2013?
1. Cost of direct materials moved into production?
2. Cost of Goods Manufactured
3. Cost of goods sold?
4. Net Income?
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