Problem - Information for Jason Metalworks as of December 31 follows.
Administrative salaries expense $135,000
Depreciation expense-Factory equipment 52,400
Depreciation expense-Delivery vehicles 36,200
Depreciation expense-Office equipment 24,800
Advertising expense 22,350
Direct labor 268,000
Factory supplies used 12,000
Income taxes expense 91,500
Indirect labor 35,000
Indirect material 24,000
Factory insurance 15,500
Factory utilities 14,000
Factory maintenance 7,500
Inventories
Raw materials inventory, January 1 32,000
Raw materials inventory, December 31 28,000
Work in Process inventory, January 1 33,780
Work in Process inventory, December 31 37,460
Finished goods inventory, January 1 56,970
Finished goods inventory, December 31 62,000
Raw materials purchases 325,000
Rent expense-Factory 50,000
Rent expense-Office space 24,000
Rent expense-Selling Space 24,000
Sales salaries expense 97,500
Sales 1,452,000
Sales discounts 29,000
Required:
(a) Prepare the company's schedule of cost of goods manufactured for the year ended December 31.
(b) Prepare the company's income statement that reports separate categories for selling and general and administrative expenses.