The following information applies to the Jamison Tools Company for the year ended December 31,

2019:

Factory Rent $ 330,000

Direct Materials Inventory, Beginning 96,000

Direct Materials Inventory, Ending 87,000

Direct Materials Purchases 654,000

Direct Labor-Wages 425,000

Indirect Labor-Wages 28,000

Finished Goods Inventory, Beginning 25,000

Finished Goods Inventory, Ending 44,000

Indirect Materials 66,000

Plant Utilities 40,000

General and Administrative 101,350

Work-in-Process Inventory, Beginning 27,000

Work-in-Process Inventory, Ending 33,000

Marketing Expenses 225,000

Sales Revenue 2,550,000

Required:

Prepare a statement of:

(a) cost of goods manufactured ( 5 marks)

(b) an income statement for the year ended December 31, 2019 ( 5 marks)

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