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help me please!!!! Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales
help me please!!!!
Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue $14,275,000 Direct Factory Labor 3,952,600 Indirect Factory Labor 1,232,250 Total Depreciation' 400,000 Total Utilities 525,000 Distribution & Customer Service Costs 76,800 Insurance on Plant & Equipment 585,000 Property Taxes 3 90,000 1,076,000 57,700 Administrative Wages & Salaries Advertising Expenses Sales Commission 6% of Sales Revenue Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 $750,000 $4,330,000 Raw Materials Indirect Materials 55,000 Work in Progress 1,115,400 Finished Goods 1,142,600 Required: $807,000 320,000 71,500 n/a 924,000 n/a 1,720,200 a) Calculate the raw material used by Pro-Leather Company. b) Calculate the indirect materials used by Pro-Leather Company (2 marks) (2 marks) c) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? d) Determine the prime cost & conversion cost of the cases manufactured. (3 marks) (3 marks) e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. (5 marks) f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. (6 marks) g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? (2 marks) h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? (11/2 marks)
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