QUESTION 2

The following data have been taken from the accounting records of Jimbob Co. for the year ended December 31,2021.

Depreciation Factory Building

$

10,000

Depreciation Factory Building

50,000

Depreciation Sales Department automobiles

10,000

Direct Wages Factory

200,000

Direct Benefits Factory Employees

30,000

Factory Managers Salary and Benefits

50,000

Finished Goods Inventory, Beginning

20,000

Finished Goods Inventory, Ending

30,000

Head Office Salaries and Benefits

300,000

Other Administrative Expenses

50,000

Other Manufacturing Overhead Expenses

40,000

Other Selling Expenses

30,000

Raw Materials Inventory, Beginning

10,000

Raw Materials, Ending

15,000

Raw Material Purchased

200,000

Sales Department Salaries and Commissions

150,000

Sales Revenue

1,200,000

Utility Cost Factory

50,000

Utility Costs Sales Office

20,000

Work in Process Inventory, Beginning

100,000

Work in Process Inventory, Ending

110,000

Required:

a. Prepare a Schedule of Cost of Goods Manufactured in good form.

b. Compute the Cost of Goods Sold.

c. Using data from your answers above as needed, prepare an Income Statement in good form.