F G H D 1 Question 1: Cost Classifications, Statements & Analysis (14 marks) 2 A car manufacturing company had the following account balances for the quarter 3 ending September 30th: 4 5 In the current period, the company reported sales revenue o $800,000 6 Inventories: Beginning Ending 8 Work in processs 180.000 170,000 9 Finished goods 50,000 40,000 10 11 12 Account Amount Required: 13 Depreciation, factory equipment $ 60,000 Part 1: Compute the following: 24,000 14 Depreciation, office equipment 15 Direct manufacturing labor 16 Direct materials used 170,000 140,000 17 Indirect manufacturing labour a. Total manufacturing overhead (2 marks) b. Total manufacturing (product) costs incurred during the period (1 mark) c. Cost of goods manufactured (2 marks) d. Cost of goods sold (2 marks) e. Gross margin (1 mark) f Total period expenses (2 marks) 80,000 18 Indirect materials used 3,000 19 Marketing costs 40,000 20 Miscellaneous factory overhead 4.000 g Operating income (1 mark) 21 Office supplies expense 22,000 50,000 22 Rent on factory building 23 Salesperson's company vehicles, depreciation 19,000 24 Utilities for administrative offices 15 000 25 Utilities for factory building 23,000 26 27 Part B: Analysis a. What is the purpose of creating a cost of goods manufactured schedule? Why is it important? (1 mark) 8 E Question 1! Lost Classifications, Statements & Analysis (14 marks) A B 18 Indirect materials used 3,000 e. Gross margin (1 mark) 19 Marketing costs 40,000 f. Total period expenses (2 marks) 20 Miscellaneous factory overhead 4,000 g. Operating income (1 mark) 21 Office supplies expense 22,000 22 Rent on factory building 50,000 23 Salesperson's company vehicles, depreciation 19,000 24 Utilities for administrative offices 15,000 25 Utilities for factory building 23,000 26 27 Part B: Analysis a. What is the purpose of creating a cost of goods manufactured schedule? Why is it important? (1 mark) 28 29 30 b. Explain the flow between the inventory accounts of a manufacturing 31 company. (2 marks) 32 33 34 A car manufacturing company had the following account balances for the quarter ending September 30th 3 4 5 In the current period, the company reported sales revenue o $800,000 6 7 8 Inventories: Work in processs Finished goods Beginning 180,000 50,000 Ending 170,000 40,000 9 10 11 12 Account Amount Required: Part 1: Compute the following: 13 Depreciation, factory equipment $ 60,000 24 000 14 Depreciation, office equipment 15 Direct manufacturing labor 170,000 16 Direct materials used 140,000 a. Total manufacturing overhead (2 marks) b. Total manufacturing (product) costs incurred during the period (1 mark) c. Cost of goods manufactured (2 marks) d. Cost of goods sold (2 marks) e. Gross margin (1 mark) f. Total period expenses (2 marks) 25 17 Indirect manufacturing labour 80,000 18 Indirect materials used 3,000 19 Marketing costs 40,000 20 Miscellaneous factory overhead 4,000 g. Operating income (1 mark) 21 Office supplies expense 22,000 22 Rent on factory building 50,000 23 Salesperson's company vehicles, depreciation 19,000 15 000 24 Utilities for administrative offices 23,000 25 Utilities for factory building 26 27 Part B: Analysis a. What is the purpose of creating a cost of goods manufactured schedule? Why is it important? (1 mark) 28 Q1 Cover Sheet 02 Q3 03 dataset 04 05 +