On 30 June 2020 Smalls Ltd showed following actual costs for the financial year just

ended:

Direct material used $300 000

Direct labour 250 000

Manufacturing overhead 298 000

The company's planned overhead rate is 120% of direct labour cost. The balances of

inventory on 1 July 2019 were as follows:

Raw material $30 000

Work in process 40 000

Finished goods 50 000

Each of those inventory balances was 20% higher on 30 June 2020.

Required:

(a) Prepare Schedule of Cost of Goods Manufactured for the financial year; (5 marks)

(b) Calculate the Cost of Goods Sold for the financial year. (5 marks)