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Can you work this out Assessment #1_Cost Classification _inventory valuation Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry.

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Assessment #1_Cost Classification _inventory valuation Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 31/12/2023 Raw Materials $260,000 $230,000 Work In Progress $333,800 $218,800 Finished Goods $1,075,200 $615,000 Other information: Sales Revenue $5,765,000 Factory supplies 45,000 Direct Factory Labor 735,000 Special Design Cost 15,000 Raw Materials Purchased 540,000 Plant janitorial service 52,000 Depreciation: Plant & Equipment 165,000 Plant Utilities 385,000 Plant supervisor's salary 480,000 Property Taxes ' 300,000 R & D for Graphic Designs 70,500 Office Utilities 165,000 Insurance on Plant & Equipment 120,000 Delivery truck driver's wages 125,000 Depreciation: Delivery truck 52,000 Administrative Wages & Salaries 850,150 Sales Commission 97,650 The property taxes should be shared: 60% manufacturing & 40% general & administrative costs. Required: a) Calculate the raw material used by Gopaul Electronics. (2 marks) b) What is the total factory overhead cost incurred by Gopaul Electronics during the period? (3 marks) c) Determine the prime cost & conversion cost of the product manufactured. (3 marks) d) Calculate the cost of goods manufactured for the year by Gopaul Electronics (4 marks) e) Prepare an income statement for Gopaul Electronics for the year ended December 31, 2023, clearly showing the calculation of Cost of Goods Sold. List the non-production overheads in order of size starting with the largest. (6 marks) What is the selling price per switch if Gopaul Electronics manufactured 1,500 switches for the period under review and uses a mark-up of 331/3% on cost? (2 marks)

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