Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for
Question:
Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2025.
Required
(a) Prepare a cost of goods manufactured statement for the year ended 30 June 2025.
(b) What is the company’s cost of sales for the year ended 30 June 2025?
(c) What was the company’s gross profit for the year ended 30 June 2025?
Transcribed Image Text:
Sales Inventories at 1 July 2024: Raw materials Work in process Finished goods Inventories at 30 June 2025: Raw materials Work in process Finished goods Direct labour Purchases of raw materials Selling expenses $2 400 600 151 200 107 600 189 000 144 600 102 800 194 400 228 000 648 000 236 600 Factory overhead is applied at the rate of 240% of direct labour cost.
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Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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