Schedule of cost of goods, Financial Accounting

Assignment Help:

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

Do the following:

a.       A schedule of cost of goods manufactured for the year finished December 31.

b.      An income statement for the year finished December 31.

 


Related Discussions:- Schedule of cost of goods

Calculate the interest rate of bond sells, Third Inc. wishes to issue a per...

Third Inc. wishes to issue a perpetual callable bond. The current interest rate is 6%. Next year, there is a 30% chance that the interest rate will be 4.5% and a 70% chance that th

Future rates of return, Assume your grandparents have just given you $20,00...

Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what account

Explain about spring and forward loading, Q. Explain about Spring and Forwa...

Q. Explain about Spring and Forward loading? Spring loading - Timing of option grants to occur before good news or after bad news is released Concerns about insider trading

Joint Audit, Impact of joint Audit on financial reporting quality

Impact of joint Audit on financial reporting quality

Describe the meaning and the purpose of financial instrument, Question A T...

Question A The key functions of financial system are to provide a link between savers and investors. What are the key functions of financial market Question B Describe the me

Lower of cost or market, Lower of Cost or Market - Valuing ASSETS for finan...

Lower of Cost or Market - Valuing ASSETS for financial reporting purposes. Normally‘cost' is the purchase price of the asset and ‘market' refers to its current replacement cost. GE

Property, Hi! Here are the case: Acquisition of Assets: The cost method ...

Hi! Here are the case: Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is

What factors in preview company''s control environment, WILL SOMEONE PLEASE...

WILL SOMEONE PLEASE ASSIST ME WITH THIS ASSISGNMENT Preview Company, a diversified manufacturer, has five divisions that operate throughout the United States and Mexico. Preview ha

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd