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Jordan Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,300 cash from the issue of common stock. 2. Paid $530 cash for direct raw materials. 3. Transferred $360 of direct raw materials to work in process. 4. Paid production employees $620 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $235 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $980. 8. Sold products that cost $890 for $1,600 cash. 9. Paid $340 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold.

Jordan Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,300 cash from the issue of common stock. 2. Paid $530 cash for direct raw materials. 3. Transferred $360 of direct raw materials to work in process. 4. Paid production employees $620 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $235 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $980. 8. Sold products that cost $890 for $1,600 cash. 9. Paid $340 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold.

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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Jordan Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,300 cash from the issue of common stock. 2. Paid $530 cash for direct raw materials. 3. Transferred $360 of direct raw materials to work in process. 4. Paid production employees $620 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $235 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $980. 8. Sold products that cost $890 for $1,600 cash. 9. Paid $340 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. Note: Enter decreases to account balances with a minus sign. Event Number 1. 2 3. 4 5. 6. 7. Cash $ 2,300 + + . + Manufacturing Overhead . + Assets Raw Materials Work in Process Finished Goods Stockholders' Equity Common Retained Stock Earnings $ 2,300 + + + < Prev Revenue Expense 5 of 5 Next Net Income
Transcribed Image Text:Jordan Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,300 cash from the issue of common stock. 2. Paid $530 cash for direct raw materials. 3. Transferred $360 of direct raw materials to work in process. 4. Paid production employees $620 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $235 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $980. 8. Sold products that cost $890 for $1,600 cash. 9. Paid $340 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Record these events in a horizontal statements model. The first event is shown as an example. Note: Enter decreases to account balances with a minus sign. Event Number 1. 2 3. 4 5. 6. 7. Cash $ 2,300 + + . + Manufacturing Overhead . + Assets Raw Materials Work in Process Finished Goods Stockholders' Equity Common Retained Stock Earnings $ 2,300 + + + < Prev Revenue Expense 5 of 5 Next Net Income
39 es a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods manufactured and sold. JORDAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 1 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold < Required A Required >
Transcribed Image Text:39 es a. Record these events in a horizontal statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods manufactured and sold. JORDAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 1 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold < Required A Required >
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