Cost of goods manufactured and income statement The December 31,1992 ledger account bal- ances are presented below for the Johnson Company. Beginning inventories on January 1,1992 were $37,600 for finished goods inventory and $49,600 for work in process inventory.

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Sales... Insurance on production inventories Factory supervision. $715,200 7,200 44,800 Indirect materials 4,800 Office equipment depreciation ... 7,200 Employee benefit costs (60% of which is for factory employees)... 36,000 Delivery expense for finished products 4,000 Direct labor 118,400 Office fire insurance Direct materials Finished goods inventory Indirect labor.... Administrative and marketing salaries Factory property tax Advertising.. Production equipment lease cost Work in process inventory 98,400 2,640 52,000 10,400 123,200 15,200 15,200 35,200 62,400