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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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