Question
(11 marks) The following alphabetical list of items was taken from the records of Greer Company. Advertising expense $19,200 Depreciation - factory equipment $30,350 Depreciation
(11 marks)The following alphabetical list of items was taken from the records of Greer Company.
Advertising expense
$19,200
Depreciation - factory equipment
$30,350
Depreciation - office equipment
$6,750
Depreciation - sales equipment
$7,100
Direct labour cost (factory)
$533,700
Factory supervision
$95,200
Factory supplies used
$14,900
Factory utilities
$29,000
Finished goods inventory, beginning
$140,500
Finished goods inventory, ending
$99,100
Income tax expense
$110,400
Indirect labour (factory)
$45,250
Maintenance, factory equipment
$23,000
Miscellaneous production costs
$9,600
Office salaries expense
$6,700
Raw materials, beginning
$122,750
Raw materials, ending
$146,350
Purchases of raw materials
$707,000
Rent expense, administration and sales office
$38,100
Rent on factory building
$61,600
Sales
$2,431,350
Sales Salaries
$236,250
Work-in-process inventory, beginning
$21,000
Work-in-process inventory, ending
$13,750
Required:
a.) Using the information provided above, make a schedule of cost of goods manufactured in good form.A TITLE IS NOT NECESSARY.THERE WILL BE A HALF MARK DEDUCTION FOR EACH ITEM THAT YOU PUT IN THIS SCHEDULE THAT SHOULD NOT BE THERE.EACH ITEM NEEDS TO BE PROPERLY LABELLED FOR FULL MARKS(9 marks)
b.) Determine the cost of goods sold for the year.YOU NEED TO PROPERLY LABEL EACH ITEM FOR FULL MARKS.(2 marks)
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