Question
Selected data for Connor Inc. for the month of November 2020 are presented below: Description Amount Work in process inventory, opening $32,000 Work in process
Selected data for Connor Inc. for the month of November 2020 are presented below:
Description | Amount |
Work in process inventory, opening | $32,000 |
Work in process inventory, closing | $22,000 |
Raw materials inventory, opening | $18,000 |
Raw materials inventory, closing | $23,000 |
Factory utility costs | $32,000 |
Assembly line worker's salary | $125,000 |
Customer delivery costs | $40,000 |
Sales revenue | $926,000 |
Marketing and admin costs | $210,000 |
Depreciation on factory equipment | $61,000 |
Salary of salespeople | $256,000 |
Factory supervisor salary | $89,000 |
Direct material purchases | $61,000 |
Finished goods inventory, opening | $52,000 |
Finished goods inventory, closing | $69,000 |
Using the above information, develop a Schedule of Cost of Goods Manufactured and an Income Statement. Use the information to answer the following questions.
What is the total Direct Materials Used from the Schedule of Cost of Goods Manufactured?
What is the total Direct Labour from the Schedule of Cost of Goods Manufactured?
What is the total Manufacturing Overhead costs from the Schedule of Cost of Goods Manufactured?
What is the total Cost of Goods Manufactured from the Schedule of Cost of Goods Manufactured?
What is the total Cost of Goods Sold from the Income Statement?
What is the total Operating Income from the Income Statement?
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