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For the year ended December 31, 2022, the job cost sheets of Sheridan Company contained the following data. Other data: 1. Raw materials inventory totaled
For the year ended December 31, 2022, the job cost sheets of Sheridan Company contained the following data. Other data: 1. Raw materials inventory totaled $13.800 on January 1. During the year, $128,800 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $80,040 and Job No. 7639 for $84,640. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $487,600. 5. Manufacturing overhead incurred on account totaled $110,400. 6. Incurred depreciation on factory machinery $7,360. 7. Assigned indirect materials of $12,880 and indirect labor of $16,560. Prepare an income statement through gross profit for 2022
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