Inventory Cost Analysis

Jones Corporation incurred the following costs while manufacturing its product. Materials used in product $ 125,000 Depreciation on plant 60,000 Property taxes on store 7,500 Labor costs of assembly-line workers 110,000 Factory supplies used 23,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. (a) Compute and prepare a cost of goods manufactured schedule (b) Compute and prepare a cost of goods sold schedule (c) Prepare an income statement through gross profit / sales = $600,000