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Jordan Company produced 150,000 floor lamps during...




Jordan Company produced 150,000 floor lamps during the past calendar year. Jordan had 2500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11500 floor lamps in finished goods inventory. The lamps sell for $50 each. Jordan?s accounting records provide the following information for the past year. Purchases of direct material 1,675,000 Direct materials inventory, January 1 380,000 Direct materials inventory, December 31 327,000 Direct labor 2,000,000 Indirect labor 790,000 Depreciation, factory building 1,100,000 Depreciation, factory equipment 630,000 Property taxes on the factory 62,000 Utilities, factory 150,000 Insurance on the factory 200,000 Research and development 120,000 Salary, sales supervisor 85,000 Commissions, salespersons 370,000 General administration 390,000 Work in process, inventory January 1 450,000 Work in process inventory, December 31 750,000 Finished goods inventory, January 1 107,500 Finished goods inventory, December 31 489,000 1. Prepare a cost of goods manufactured statement 2. Compute the cost of producing one floor lamp last year 3. Prepare an income statement on an absorption-costing basis


Paper#11355 | Written in 18-Jul-2015

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