Question
Kookaburra Ltd completed its financial year on 30 June 2019. The following account balances are available from the companys general ledger: $ Administrative Salaries 18
Kookaburra Ltd completed its financial year on 30 June 2019. The following account balances are available from the companys 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:
- From the $9,000 Factory supplies, only $2,700 was on hand at 30 June 2019
- $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) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started