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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. Ending raw materials inventory Direct labour Beginning raw materials inventory Purchases of raw materials Manufacturing overhead ces Beginning work in process inventory. Ending work in process inventory Purchase of production equipment Rent for production facility $ 0 56,000 28,000 45,400 34,200 0 6,200 160,000 10,800 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month. (Do not leave any empty spaces; input a 0 wherever it is required.)
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