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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 80/2096 between developing new business and overseeing the production process. Information taken from the accounting records for the rst three months of operations is shown below. Beginning raw materials inventory $ 0 Purchases of raw materials 58,500 Ending raw materials inventory 29,250 Direct labour 47,656 Manufacturing overhead 35.950 Beginning work in process inventory 0 Ending work in process inventory 6,700 Purchase of production equipment 185,000 Rent for production facility 11,550 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.)
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