Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

heres some information I need you to help make sense of. He then handed you some information as shown in Appendix A. Can you put

heres some information I need you to help make sense of. He then handed you some information as shown in Appendix A. Can you put them into a format that I can actually understand and make sense of?

The preparation of an Income Statement and Schedule of Cost of Goods Manufactured.

image text in transcribed

Schedule of Cost of Goods Manufactured

  • Particular Amount in $
    Raw material consumed
    Direct materials, Jul 1, 2020 $300,000
    Direct material purchased 800,000
    Direct materials, Jun 30, 2021 (50,000)
    Raw material consumed $1,050,000
    Direct Labor
    Direct manufacturing labor 400,000
    Manufacturing Overhead
    Plant utilities 50,000
    Indirect manufacturing labor 200,000
    Depreciation - Plant and equipment 90,000
    Depreciation - retail store equipment 55,000
    Miscellaneous manufacturing overhead 100,000
    Plant supplies used 60,000
    Property taxes on plant 10,000
    Total Manufacturing Overhead 565,000
    Total Manufacturing costs 2,015,000
    Add Work in progress, Jul 1 2020 100,000
    Less Work in progress, Jun 30, 2021 (20,000)
    Cost of Goods Manufactured 2,095,000
    Income Statement
    Particular Amount in $
    Revenues $3,500,000
    Cost of Goods Sold:
    Cost of Goods Manufactured 2,095,000
    Add Finished goods, Jul 1, 2020 400,000
    Less Finished goods, Jun 30, 2021 (120,000)
    Cost of Goods Sold 2,375,000
    Gross Profit 1,125,000
    Operating Expenses:
    Store and Administrative Expenses
    Retail store utilities 20,000
    Miscellaneous retail store overhead 70,000
    Council rates for retails store 3,000
    Total Store and Administrative Expenses 93,000
    Selling and distribution Expenses
    Sales salaries and commission 350,000
    Marketing, distribution and customer service costs 190,000
    Total Selling and distribution Expenses 540,000
    Total Operating Expenses 633,000
    Operating income 492,000

question

Could you select and apply the most appropriate methods to further analyse data and create useful information?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Elementary Statistics

Authors: Mario F. Triola

12th Edition

0321836960, 978-0321836960

Students also viewed these Accounting questions