Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 (10 marks) On 30 June 2013 ABC Ltd showed following actual costs for the financial year just ended: Direct material used $450 000

Question 1 (10 marks) On 30 June 2013 ABC Ltd showed following actual costs for the financial year just ended: Direct material used $450 000

Direct labour 200 000

Manufacturing overhead 400 000 The companys planned overhead rate is 150% of direct labour cost. The balances of inventory on 1 July 2012 were as follows: Raw material $50 000

Work in process 65 000

Finished goods 71 000 Each of those inventory balances was 10% lower on 30 June 2013. Required: (a) Prepare a 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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Assurance Q And A 2019

Authors: ACA Simplified

1st Edition

1792949863, 978-1792949869

More Books

Students also viewed these Accounting questions

Question

Assess three steps in the selection process.

Answered: 1 week ago

Question

Identify the steps in job analysis.

Answered: 1 week ago