Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fantasia Productions Limited was in the process of completing their Cost of Goods Manufactured Schedule when their accountant went into labour & had to leave

image text in transcribedimage text in transcribed Fantasia Productions Limited was in the process of completing their Cost of Goods Manufactured Schedule when their accountant went into labour \& had to leave work. The CEO of the company has come to you for assistance in completing the schedule as well as the Cost of Goods Sold Schedule \& Income Statement for the year ended June 30, 2023. The accountant had gathered the following information before having to leave: Note 115% of the insurance relates to the sales office, 25% relates to the administrative office and 60% relates to the factory Required: 1. Complete the cost of goods manufactured schedule 2. Complete the cost of goods sold schedule 3. Complete the income statement for the year ended June 30, 2023 4. Assuming the company produced 50,000 units during the year, what is the average cost per unit for direct labour? 5. Assume the company expects to produce 60,000 units from July 2023 - June 2024. What is the total cost of direct labour you would expect at this level? 6. Assume the company expects to produce 60,000 units from July 2023 - June 2024. What is the total cost of insurance you would expect at this level

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Reduction Systems Target Costing And Kaizen Costing

Authors: Yasuhiro Monden

1st Edition

1563270684, 978-1563270680

More Books

Students also viewed these Accounting questions

Question

Let n be a positive integer, then n + 3

Answered: 1 week ago