(Answered) The jiffy manufacturing company started operations in 2012

Finance

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:

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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