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Firmino Factory manufactures soccer gloves to cater the soccer industry in Malaysia:. Cost incurred during the year ended 30 June 2022: Building (30% used by
Firmino Factory manufactures soccer gloves to cater the soccer industry in Malaysia:. Cost incurred during the year ended 30 June 2022: Building (30% used by office) 800,000 Building rental 120.000 Depreciation of building 90.000 Factory equipment 180.000 Depreciation of factory equipment 20.000 Depreciation of office furniture 30,000 Direct Material purchases 700,000 Factory insurance 80,000 Indirect material (20% of cost of direct material used) Labour cost (75% direct) 400.000 Other manufacturing overheads 70.000 Sales 1,500,000 Selling & administrative expense 85,000 Following are the balance of inventories on 1 July 2021 30 June 2020 Raw Material 55,000 40,000 Work in process 65,000 50,000 Finished Goods 45,000 48,000 Required: a. Prepare the schedule of cost of goods manufactured for the year ended 30 June 2022. (Note: Show all necessary workings) b. Prepare the schedule of cost of goods sold for the year ended 30 June 2022
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