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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.
Schedule of Cost of Goods Manufactured
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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
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Could you select and apply the most appropriate methods to further analyse data and create useful information?
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