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Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the
Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory 0 Ook Purchases of raw materials 51,500 Ending raw materials inventory Direct labour 25,750 int 41,350 Manufacturing overhead 31,050 Fences Beginning work in process inventory 0 Ending work in process inventory 5,300 115,000 9,450 Purchase of production equipment Rent for production facility Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month. (Do not leave any empty spaces; input a O wherever it is required.) CLASSIC SOUND Schedule of Cost of Goods Manufactured For the Quarter Ended xxx Direct materials:
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