MBA560 Financial and Managerial Accounting: Module 5 Test Problem 2 - Jiffy Manufacturing Company

MBA560 Financial and Managerial Accounting
Module 5 Test Problem 2.
The Jiffy Manufacturing Company started operations in 2012 when it acquired $100,000 from its owners. During the year, the company incurred the following costs: Raw materials used 40,000 Labor 50,000 Overhead 20,000 Selling & Administrative costs 30,000 The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was $17 per unit.

Required:
1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012.
2) Prepare an income statement for the year ended December 31, 2012.
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