A 1 Problem 1 B D E 2 Statement of Costs of Goods Manufactured (COGM) and Income Statement for a manufacturing Company 3 4 The following information is available for Jackson Corporation for 20YY: 5 6 7 8 9 Inventories Raw Materials (RM) Work in process (WIP) Finished Goods (FG) January 1 December 31 55,500 49,800 57,800 59,800 78,000 65,500 10 11 Other Expenses 12 Advertising expense 13 Depreciation expense - office equipment 14 Depreciation expense-factory equipment 15 Direct labor 16 Heat, light and power-factory 17 18 19 20 21 22 23 24 Indirect labor Material purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense 25 26 Supplies-factory Miscellaneous costs-factory 250,000 40,000 90,000 1,120,000 48,500 120,000 620,000 320,000 50,000 20,000 250,000 3,850,000 165,000 10,500 12,000 27 F G 28 Required: Use the templates below to prepare the followings statements for the year ended December 20YY for Jackson Corporation: 29 30 31 321 A. Statement of Costs of Goods Manufactured B. Statement of Costs of Goods Sold C. Income Statement 1 2 3 4 15 46 47 Answer A $8 48 50 51 52 53 54 55 56 57 58 159 60 61 B 62 63 64 65 66 67 68 69 70 Jackson Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 20YY RM used Amt add COGM Jackson Corporation Statement of Cost of Goods Sold For the Year Ended December 31, 20YY S 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 30 91 32 93 A4 Jackson Corporation Income Statement For the Year Ended December 31, 20YY $ $ $