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Complete a cost of goods manufactured schedule and a cost of goods sold schedule which includes all above information ACC702 E2-6 Accounting for flow of

Complete a cost of goods manufactured schedule and a cost of goods sold schedule which includes all above information

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ACC702 E2-6 Accounting for flow of costs in manufacturing environment A manufacturing company had the following costs and activities during a period: Opening balance of their Direct Materials account: $72,000 Direct materials purchases: $360,000 Closing balance direct materials: $48,000 Direct materials requisitioned to production: $384,000 Direct factory labour costs: $216,000 Overheads applied: $52,000 Total costs in WIP account to be accounted for: $760,000 Closing balance WIP account: $116,000 Opening balance Finished Goods account: $132,000 Closing balance FG account: $119,000 Cost of goods sold: $657,000 Gross profit: $371,000 a. Complete the T-Accounts (Raw Materials, WIP, FG, COGS, Income Summary to show all the above information (self-study only); AND b. Complete a Cost of Goods Manufactured Schedule and a Cost of Goods Sold Schedule which includes all the above information; AND c. Calculate and show all missing amounts and totals, including the total sales d. Calculate the percentage Gross Profit Schedule of cost of goods manufactured

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