Question
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
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 split system air conditioning line 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.
Can you please provide correct solution
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