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Kookaburra Ltd completed its financial year on 30 June 2019. The following account balances are available from the company's general ledger: $ Administrative Salaries 18
Kookaburra Ltd completed its financial year on 30 June 2019. The following account balances are available from the company's general ledger: $ Administrative Salaries 18 000 Advertising 10 000 Depreciation Machinery 6 800 Depreciation Office Equipment 10 000 Depreciation Fixtures-Sales 5 000 Purchases returns and allowances 3 000 Direct Labour 32 000 Factory Rental 2 500 Factory Supervision 7 200 Factory Supplies 9 000 Indirect Labour 4 500 Inventories: Raw materials 1 July 2018 4 200 Work in process 1 July 2018 9 800 Finished Goods 1 July 2018 20 000 Raw Materials 30 June 2019 2 100 Work in Process 30 June 2019 27 000 Finished Goods 30 June 2019 16 000 Maintenance - Machinery 2 000 Non-factory Building rent (50% for Sales and Admin respectively). 20 000 Other factory overhead 11 000 Other selling expenses 6 000 Raw Materials Purchases 28 800 Sales 270 000 Sales Salaries expenses 12 000 Freight inwards on Raw Materials 2 600 Additional data, in relation to end of financial year adjusting entries: 1. From the $9,000 Factory supplies, only $2,700 was on hand at 30 June 2019 2. $1,000 of maintenance cost for machinery is due but not yet paid or recorded by 30 June 2019. Required: Prepare a Cost of Goods Manufactured Statement for the current year. (10 marks)
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