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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Posted on Oct 17, 2023

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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To prepare the Schedule of Cost of Goods Manufactured COGM and the Income Statement we need to calculate various components Lets go step by step Sched... blur-text-image