Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fill out a cost of goods sold manufactured sheet AND an income statement sheet thanks 16. Information for Jersey Metalworks as of December 31
Please fill out a cost of goods sold manufactured sheet AND an income statement sheet
thanks
16. Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses. $ 135,000 52,400 36,200 124,800 22,350 268,000 12,000 191,500 42,000 24,000 16,500 (14,000 7,500 Administrative salaries expense Depreciation expense-Factory equipment Depreciation expense-Delivery vehicles Depreciation expense-Office equipment Advertising expense Direct labor Factory supplies used Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Rent expense-Factory Rent expense-Office space Rent expense-Selling Space Sales salaries expense Sales Sales discounts 32,000 26,000 33,780 37,460 56,970 62,000 345,400 150,000 124,000 24,000 97,500 1,552,000 33,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started