8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000

8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000

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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