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Saguenay Incorporated is a widget manufacturer in eastern Qubec. The premises of the company comprise a factory and a corporate office. The following chart represents
Saguenay Incorporated is a widget manufacturer in eastern Qubec. The premises of the company comprise a factory and a corporate office. The following chart represents some of Saguenay Incorporated's finances for the year-ended October 31, 2021: Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Ending raw materials inventory Ending work-in-process inventory Ending finished goods inventory Property tax expense (50% factory, 50% office) Utilities expense (70% factory, 30% office) Repairs expense (95% factory, 5% factory) Depreciation expense (80% factory, 20% office) Factory supervisors' salary (8 supervisors) $22,000,000 $94,000,000 $65,000,000 $23,000,000 $62,000,000 $55,000,000 $60,000,000 $30,000,000 $10,000,000 $80,000,000 $ 1,000,000 Additionally, Saguenay Incorporated purchased $43,000,000 of raw materials throughout the year and had sales of $450,000,000. In addition, it was determined that Saguenay Incorporated spent $5,000,000 on direct labour and $2,000,000 on advertising. Required (a) Compile a schedule of cost of goods manufactured in good form (include the company name, schedule name and date). (18 marks) (b) Compile a schedule of cost of goods sold in good form (include the company name, schedule name and date). (8 marks) Midterm continues on the next page
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