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JACKSON COMPANY
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Finished goods inventory, beginning
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$40,000
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Finished goods inventory, ending
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$20,000
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Administrative expenses
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$100,000
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Total Manufacturing overhead:
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$105,000
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Purchases of raw materials
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$125,000
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Raw materials inventory, beginning
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$15,000
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Raw materials inventory, ending
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$18,000
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Direct labor
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$80,000
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Work in process inventory, beginning
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$28,000
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Work in process inventory, ending
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$25,000
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Sales
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$550,000
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Selling expenses
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$70,000
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Problem 1:
Jackson Company reports the following information for the year ended December 31, 2013:
What were the following amounts for 2013?
1. Cost of direct materials moved into production?
2. Cost of Goods Manufactured
3. Cost of goods sold?
4. Net Income?