Manufacturing Cost Schedule and Income Statement

Whisk Brothers' oak barrel production plant is based in Hobart. This plant uses a traditional manufacturing cost flow accounting system. You have been tasked with the job of finalising the accounts for the production plant for the year ended 30 June 2022. The following account details have been provided:

Revenue	$6,526,000
Other income	$60,240
Employee benefits	$803,200
Distribution expense (freight out)	$130,520
Selling expenses	$602,400
Marketing expenses	$351,400
General and administration expenses	$301,200
Share based payments	$200,800
Depreciation and amortisation	$702,800
Finance costs	$251,000
Premise, lease and utilities expenses	$301,200
Production equipment maintenance	$80,320
Income tax expense	$602,400
Raw material purchases	$1,204,800

The employee benefits, depreciation and amortisation, and premise, lease and utilities expenses have been allocated as follows:

	Administration and sales	Production
		Process workers	Factory supervisors	Other support staff
Employee benefits	5%	80%	10%	5%
Depreciation and amortisation	8%	92%
Premise, lease and utilities expenses	14%	86%

The opening and closing inventory balances for the Whisk Brothers' oak barrel production plant were as follows:

Inventory Account	1 July 2021	30 June 2022
Work-in-process:
Materials	$33,000	$41,000
Direct labour	$38,000	$46,000
Manufacturing overhead	$41,000	$48,000
Raw material inventory	$96,000	$102,000
Finished goods inventory	$76,000	$79,000

Required:

Using Excel, prepare the following financial reports for the year ended 30 June 2022 for the oak barrel production plant:

Schedule of Cost of Goods Manufactured,

Schedule of Cost of Goods Sold, and

after tax income statement for utility vehicle line.