Question
Question: Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold Tiessen Limited provided the following information for the year ended
Question: Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold
Tiessen Limited provided the following information for the year ended December 31:
Costs incurred:
Marketing expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
Direct labour cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,000
Raw material purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396,000
Rent, manufacturing building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,000
Indirect labour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,900
Sales commissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000
Utilities, manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000
Depreciation, manufacturing equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,000
Supplies, manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100
Depreciation, office equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000
Repairs, manufacturing equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Inventories:
Raw materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,000 $30,000
Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 60,000
Finished goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,000 75,000
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold section of Tiessen Limiteds income statement for the year.
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DOD Financial Management The Army Faces Significant Challenges In Achieving Audit Readiness For Its Military Pay
Authors: Government Accountability Office
1st Edition
1492310921, 978-1492310921
