Problem 1-16: Statement of Cost of Goods Sold Jenna Company has provided the following data concerning its opera- tions for the year ended December 31, 2018: Raw materials on hand, December 31 Work in process, December 31 Finished goods, December 31 Factory supplies on hand, December 31 Sales Factory maintenance Administrative salaries Discounts on raw materials purchases Delivery expenses Interest income Factory supplies used Common stock (P10 par value) Retained earnings Trade accounts payable Accumulated depreciation-factory building and equipment Building and equipment Trade accounts receivable Cash Finished goods, January 1, 2018 Direct labor Bad debt expense Factory power and heat Advertising Insurance expired-factory building and equipment Work in process, January 1, 2018 Depreciation-factory building and equipment Factory superintendence Interest expense Raw materials purchased Indirect factory labor Sales returns Sales discounts P 24,000 30,000 40,000 14,000 1,100,000 38,400 108,000 4,200 16,000 1,000 22,400 2,000,000 525,000 273,500 47,500 500,000 450,000 170,000 37,500 180,000 2,500 19,400 8,400 4,800 84,000 17,500 100,000 1,500 400,000 20,000 2,200 1,300

Problem 1-16: Statement of Cost of Goods Sold Jenna Company has provided the following data concerning its opera- tions for the year ended December 31, 2018: Raw materials on hand, December 31 Work in process, December 31 Finished goods, December 31 Factory supplies on hand, December 31 Sales Factory maintenance Administrative salaries Discounts on raw materials purchases Delivery expenses Interest income Factory supplies used Common stock (P10 par value) Retained earnings Trade accounts payable Accumulated depreciation-factory building and equipment Building and equipment Trade accounts receivable Cash Finished goods, January 1, 2018 Direct labor Bad debt expense Factory power and heat Advertising Insurance expired-factory building and equipment Work in process, January 1, 2018 Depreciation-factory building and equipment Factory superintendence Interest expense Raw materials purchased Indirect factory labor Sales returns Sales discounts P 24,000 30,000 40,000 14,000 1,100,000 38,400 108,000 4,200 16,000 1,000 22,400 2,000,000 525,000 273,500 47,500 500,000 450,000 170,000 37,500 180,000 2,500 19,400 8,400 4,800 84,000 17,500 100,000 1,500 400,000 20,000 2,200 1,300

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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