Part1 122 1/2 Buge H High School Inventory 1/7/2020 30/9/2021 Raw Material $20,000 $260 600 Fadery Supp$35,000 $24,000 Won in Progress $340 300 $203.300 5632,000 $485.000 Finished Good Other information Sales Revenue $5,731,000 Factory Supples Purchased 64,000 Drect Factory Labor 792.000 Raw Matenals Purchased 560,000 Plant janitorial service 1/0 37,000 Depreciation Plant & Equipment 186,000 481.250 Production Supervisor's Salary Design Costs (School Packaging Cases Cost Logo) Total Insurance/0h6 Delivery Vehicle Driven wages dubb Deprecation: Delivery Vehicle Property Taxes 450,000 26,000 42.000 168,000 Administrative Wages & Salaries Advertising & Selling Expenses Shing 181,500 53,290 240,000 801,250 700 26 38 100 -9625 1% of Sales Revenue 51,30 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs Of the total insurance, 66%% relates to the Factory Plant & Equipment & 335% relates to general & administrative costs 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? (C)Determine the prime cost & conversion cost of the masks manufactured. (3 marks) (3% 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% 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) 2 canes bulbs. The buses begen the second quarter (Apt to June of 2020 with 15 (PRO it of $108.750 The flowing transactions relating to the V380PRO during the quarter A Apr 30 May May 9 May 31 June 5 0 bus were purchased at a cost of $6.850 each in addition, the buss pad freight changes of 500 cash on each bub to have the inventory shipped from the poof purchase to their business calon The sales for Apri were 75 bulbs which yielded total sales revenue of $803,250. (15 o sold on account to longstanding customers of the business A new batch 80 bubs was purchased at a total cost of $654,800 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to be defective and were returned to the suppler During the month 62 of the camera bulbs were sold at a price of $11,450 each A customer, to whom 7 of the bulbs were sold during the first business day of May, reumed 3 units of the merchandise, as they were of another make & model June 14 Owing to an increased demand, a further 110 bulbs were purchased at a cost of $9.000 each the supplier gave a 3% quantity discount on the purchase. June 30 116 bulbs were sold during June at a unit selling price of $12,250, June 30 An actual count of inventory was carried out at the close of business which revealed that there were 36 units of the V380PRO brand of merchandise in the storeroom. Unless otherwise stated, assume that all purchases were on account and received on the dates stated Required (A)Prepare a perpetual inventory record for this merchandise, using the first in, first out (FIFO) method of inventory valuation to determine the company's cost of goods sold for the quarter and the value of (20 marks) ending inventory. (B) Given that selling, distribution and administrative costs associated with the V380PRO brand of WIFI SMART camera bulbs for the quarter were $27,255, $42,400, and $145,000 respectively, prepare an income statement for Rennie's Electronic Gadgets (V380PRO) for the quarter ended June 30, 2000 C) Joumalize the transactions for the month of April, assuming the company uses a Periodic inventory system Perpetual inventory system (6 marks) (8 marks) The owner of the business, Rennie Showdown, has stated that his objective is to cut back on his tax lability as much as possible and at the same time have his balance sheet looking at its best and is of the view that the LIFO method would be best to achieve both. Do you agree with Rennie? Justify your answer clearly distinguishing between the first in, first out (FIFO) and last in, first out (LIFO) methods of inventory valuation, with reference to IAS 2. (6 marks)