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1. Prepare (a) a manufacturing schedule and (b) an statement using the cost data of James Jones during the month of June, 2015. James Jones data are provided below. Direct Labor $370,000 Materials purchased during the month of June, 2015 $405,000 Material purchases returns Material Purchases Discount Materials Transportation In Materials, June 1 Work-in process, June 1 $142,000 Materials June 30, end of month Work-in process, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 Sales Commission Advertising expense Administrative Expenses Sales Sales Returns and Allowances Sales Discount Transportation-out Indirect Labor Cost Factory machinery depreciation Factory heat, light, and power Factory supplies Factory building property taxes Factory miscellaneous expenses $1,500 $500 $1,000 $200,000 $180,000 $159,000 $110,000 $125,000 $5,000 $10,000 $25,000 $800,000 $100,000 $50,000 $25,000 $40,300 $6,500 $25,000 $8,000 $6,000 $11,000

1. Prepare (a) a manufacturing schedule and (b) an statement using the cost data of James Jones during the month of June, 2015. James Jones data are provided below. Direct Labor $370,000 Materials purchased during the month of June, 2015 $405,000 Material purchases returns Material Purchases Discount Materials Transportation In Materials, June 1 Work-in process, June 1 $142,000 Materials June 30, end of month Work-in process, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 Sales Commission Advertising expense Administrative Expenses Sales Sales Returns and Allowances Sales Discount Transportation-out Indirect Labor Cost Factory machinery depreciation Factory heat, light, and power Factory supplies Factory building property taxes Factory miscellaneous expenses $1,500 $500 $1,000 $200,000 $180,000 $159,000 $110,000 $125,000 $5,000 $10,000 $25,000 $800,000 $100,000 $50,000 $25,000 $40,300 $6,500 $25,000 $8,000 $6,000 $11,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Prepare (a) a manufacturing schedule and (b) an income statement using the cost data of James Jones during the month of June, 2015. James Jones data are provided below. Direct Labor $370,000 Materials purchased during the month of June, 2015 $405,000 Material purchases returns Material Purchases Discount Materials Transportation In Materials, June 1 Work-in process, June 1 $142,000 Materials June 30, end of month Work-in process, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 Sales Commission Advertising expense Administrative Expenses Sales Sales Returns and Allowances Sales Discount Transportation-out Indirect Labor Cost Factory machinery depreciation Factory heat, light, and power Factory supplies Factory building property taxes Factory miscellaneous expenses $1,500 $500 $1,000 $200,000 $180,000 $159,000 $110,000 $125,000 $5,000 $10,000 $25,000 $800,000 $100,000 $50,000 $25,000 $40,300 $6,500 $25,000 $8,000 $6,000 $11,000
Transcribed Image Text:1. Prepare (a) a manufacturing schedule and (b) an income statement using the cost data of James Jones during the month of June, 2015. James Jones data are provided below. Direct Labor $370,000 Materials purchased during the month of June, 2015 $405,000 Material purchases returns Material Purchases Discount Materials Transportation In Materials, June 1 Work-in process, June 1 $142,000 Materials June 30, end of month Work-in process, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 Sales Commission Advertising expense Administrative Expenses Sales Sales Returns and Allowances Sales Discount Transportation-out Indirect Labor Cost Factory machinery depreciation Factory heat, light, and power Factory supplies Factory building property taxes Factory miscellaneous expenses $1,500 $500 $1,000 $200,000 $180,000 $159,000 $110,000 $125,000 $5,000 $10,000 $25,000 $800,000 $100,000 $50,000 $25,000 $40,300 $6,500 $25,000 $8,000 $6,000 $11,000
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