The following information was taken from the ledger of Jefferson Industries, Inc.:

Prepare the following:
a. A schedule of cost of goods manufactured for the year ended December 31.
b. An income statement for the year ended December31.

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$59.000 Administrative expenses Work in process an Dec. 31 Direct material purchases Depreciation: factory Indirect materials used Indirect labor Factory taxes Factory utilities Direct labor Selling expenses Sales Finished goods $85,000 34,000 300.000 29,000 21,000 88,000 18,000 10.000 24.000 8,000 11,000 an Dec. 31 Raw (direct) materials on hand 115,000 131,000 31,000 40.000 Dec. 31