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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. \begin{tabular}{|l|r|} \hline Beginning raw materials inventory & $ \\ \hline Purchases of raw materials & 50,000 \\ \hline Ending raw materials inventory & 25,000 \\ \hline Direct labour & 40,000 \\ \hline Manufacturing overhead & 30,000 \\ \hline Beginning work in process inventory & 0 \\ \hline Ending work in process inventory & 5,000 \\ \hline Purchase of production equipment & 100,000 \\ \hline Rent for production facility & 9,000 \\ \hline \end{tabular} Required: Prepare a schedule of cost of goods manufactured for the company for the month
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