Job Order Cost Cycle; General and Subsidiary Ledgers; Cost of Goods Sold Statement. On January 1, the

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Job Order Cost Cycle; General and Subsidiary Ledgers; Cost of Goods Sold Statement. On January 1, the gen¬ eral ledger of Mid-State Company contained the following accounts and balances: LO1 Cash. $ 47,000 AccountsReceivable. 50,000 FinishedGoods. 32,500 Work inProcess. 7,500 Materials. 22,000 Machinery. 45,300 Accumulated Depreciation—Machinery. 10,000 AccountsPayable. 59,375 CommonStock. 100,000 RetainedEarnings. 34,925

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