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