Your first internship assignment is to prepare two schedules for Shlue Co., a manufacturing company. You...
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Your first internship assignment is to prepare two schedules for Shlue Co., a manufacturing company. You have a file that contains a copy of last year's work for both schedules; you plan to follow the same format as last year, hoping the staff accourtant had it right. You also have access to the full set of Sinancials for Shlue, and you can dig further into any of the accounts via the accounting system, too. Here's the information you have pulled, with the same items es last year. DM inventory WIP Inventory FG Inventory DM purchases DL costs Production supervisor salary Beginning of Year 58,500 20,000 6,500 utlity costs in production space Depreciation on manufacturing facility and equipment Indirect materials Indirect labor End of Year $10,300 12,000 8,000 140,000 220,000 60,000 13,000 45,000 8,000 15,000 Required Frepare a complete schedule of COGM and CDGS for Shlus for the current year, in good form. Will these schedules be published as part of the company's financial statemerits? Explain their purpose. You did not gather information about depreciation expense on the headquarters facility, executive salaries, advertising costs, or administrative expenses. If Slug actually inoured at there costs, should they aho have beeninduted in the schedules created in part (a) above? Why or why not? Follow the flow of costs through inventory accounts to determine COGS. Your first internship assignment is to prepare two schedules for Shlue Co., a manufacturing company. You have a file that contains a copy of last year's work for both schedules; you plan to follow the same format as last year, hoping the staff accourtant had it right. You also have access to the full set of Sinancials for Shlue, and you can dig further into any of the accounts via the accounting system, too. Here's the information you have pulled, with the same items es last year. DM inventory WIP Inventory FG Inventory DM purchases DL costs Production supervisor salary Beginning of Year 58,500 20,000 6,500 utlity costs in production space Depreciation on manufacturing facility and equipment Indirect materials Indirect labor End of Year $10,300 12,000 8,000 140,000 220,000 60,000 13,000 45,000 8,000 15,000 Required Frepare a complete schedule of COGM and CDGS for Shlus for the current year, in good form. Will these schedules be published as part of the company's financial statemerits? Explain their purpose. You did not gather information about depreciation expense on the headquarters facility, executive salaries, advertising costs, or administrative expenses. If Slug actually inoured at there costs, should they aho have beeninduted in the schedules created in part (a) above? Why or why not? Follow the flow of costs through inventory accounts to determine COGS.
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To prepare a complete schedule of COGM Cost of Goods Manufactured and COGS Cost of Goods Sold for Shlug Co for the current year we need to follow the ... View the full answer
Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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