TE Review Paragraph Styles - DD AalbCcDdE A A A Normal . .11 . .. 2 . ..-31 . 4 . 5 1 Jensen Company produced 150,000 lamps during the past calendar year. Jensen had 2.500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Jensen's accounting records provide the following information for the past year: Purchases of direct materials $1,675,000 380,000 Direct materials inventory, January 1 Direct materials inventory, December 31 Direct labor 327,000 2,000,000 Indirect labor 790,000 Depreciation, factory building Depreciation, factory equipment 1,100,000 630,000 65.000 150,000 Property taxes on the factory Factory utilities Freight in 1500 Insurance on the factory 200,000 Research and development 120,000 Salary, sales supervisor 85,000 Commissions, salesperson General administration 370,000 390,000 450.000 7 50,000 Work in process inventory. January 1 Work in process inventory, December 31 1007 500 Finished goodsinventory, January 1 Finisted goods sventory, December 31 439.000 Required 1) Prepare a cost of goods manufactured statement Layout View Sec 1 Page 1 of Words: 180 of 169 MacBook Pro AaBbCcDdEe Normal Factory utilities 150,000 Freight in 1,500 200,000 Insurance on the factory 120,000 85,000 370,000 Research and development Salary, sales supervisor Commissions, salesperson General administration Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1| Finished goods inventory, December 31 450,000 necember 31 7 50.000 1007,500 489,000 Required: 1.) Prepare a cost of goods manufactured statement II.) Prepare an income statement Compute the cost of producing one lamp in 2018 | Sec 1 Pages: 1 of 1 Words: 169 of 169 L 2 ACME SE A. A12345 1. Jensen Company produced 150,000 lamps during the past calendar year. Jensen had 2,500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Jensen's accounting records provide the following information for the past year: Purchases of direct materials $1,675,000 Direct materials inventory, January 1 380,000 Direct materials inventory, December 31 327,000 Direct labor 2,000,000 Indirect labor 7 90,000 Depreciation, factory building 1,100,000 Depreciation, factory equipment 630,000 Property taxes on the factory 65,000 Factory utilities 150,000 Freight in 1,500 Insurance on the factory 200,000 Research and development 120,000 Salary, sales supervisor 85.000 Commissions, salesperson 370,000 General administration ation 390,000 Work in process inventory, January 1 450,000 Work in process inventory, December 31 750,000 Finished goods inventory, January 1 1007,500 Sec 1 Pages: 1 of 1 Words: 0 of 169 9 0 : Tables 10 Charts Documents 100% ants JA- RE- - A AalbCcDdEe Property taxes on the factory 65,000 150,000 Factory utilities Freight in 1,500 Insurance on the factory 200,000 Research and development 120,000 Salary, sales supervisor 85,000 Commissions, salesperson 370,000 General administration 390,000 Work in process inventory, January 1 450,000 Work in process inventory, December 31 750,000 Finished goods inventory, January 1 1007,500 Finished goods inventory, December 31 489,000 Required: 1.) Prepare a cost of goods manufactured statement IL.) Prepare an income statement Compute the cost of producing one lamp in 2018 Sec 1 Page 1 of 1 Words: 0 of 169