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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 production
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. 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.) 2. What types of expenses are likely included in the total manufacturing overhead cost of $35,950 incurred for the first three months of operation? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Selling expense Administrative expense Ending work in process inventory Rent for the production facility Depreciation on the production equipment ? Insurance on the production equipment ? Indirect materials used in producing records ? Indirect labour related to the CEO's supervision of the production process ( 20% of her time). ? Indirect labour related to production facility repair, maintenance, and security
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