Darcy Hill is the controller for Spry Manufacturing Ltd. in London, Ontario. Darcy just finished a phone call with the chief financial officer (CFO) of the company, who is attending a meeting with executive management at a Toronto convention center. He asked that Randy plan to come to Toronto that evening and attend a meeting early the following morning. The CFO also asked him to bring with him all of the financial data required to generate T-accounts (for raw materials inventory, factory overhead, work-in-process inventory, and finished goods inventory), a schedule of cost of goods manufactured, a statement of cost of goods sold, and an income statement for the just-completed month of January. This information would be needed in the meeting. Darcy quickly ran a report with all of the information he felt was necessary to create the reports his boss had requested. He put the financial information in his briefcase and left for Toronto immediately to avoid the poor weather that was on its way. Darcy was sure he would have lots of time in his hotel room in the evening to generate the required reports. However, when he arrived in his hotel room and pulled out the information, he was alarmed to find that some important pieces of information were missing. Darcy made a list of all the data he had plus what he needed. For those categories with missing data, the number field has a question mark. The following is the list that Darcy

Balances and Transactions

Direct materials used

$172,455

Direct labour

226,120

Factory rent

5,265

Repairs and maintenance - production

420

Salary - production manager's salary

6,250

Indirect materials used

3,350

Beginning raw materials inventory

16,100

Ending raw materials inventory

15,200

Beginning work-in-process inventory

28,100

Ending work-in-process inventory

?

Beginning finished goods inventory

?

Ending finished goods inventory

49,120

Sales

1,140,000

Sales returns and allowances

143,800

Net sales

?

Cost of goods manufactured

439,550

Goods available for sale

494,695

Cost of goods sold

?

Gross margin

550,625

Indirect labour

5,650

Depreciation - production equipment

16,900

Selling expenses

170,975

Administrative expenses

110,730

Raw materials purchased

?

Estimated annual overhead

39,100

Estimated annual direct labour

230,000

Predetermined overhead rate

?

Spry Manufacturing uses normal costing and applies overhead on the basis of direct labour dollars.

Required:

Prepare the data required by the CFO and calculate the missing data while preparing the T-accounts and the required schedule and statements.