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Part 1 Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, the masks are placed into individual cases, before being transferred into
Part 1 Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30,2021, for the manufacturing of masks for Sugar Hill High School. Other information: 1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 662%3% relates to the Factory Plant \& Equipment \& 331/3% relates to general \& administrative costs. 3 The property taxes should be shared: 75% manufacturing \& 25% general & administrative costs. Required: (A)Calculate the raw material \& factory supplies used by Regional Safety Supplies. (4 marks) (B)What is the total factory overhead costs incurred by Regional Safety Supplies during the period? (3 marks) (C) Determine the prime cost \& conversion cost of the masks manufactured. (31/2 marks) (D) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost \& total manufacturing costs to account for. (5 marks) (E) Prepare an income statement for Regional Safety Supplies for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. (7 1/2 marks) (F) What is the selling price per mask if Regional Safety Supplies manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? (2 marks)
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