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The following data were taken from the cost records of the Bolly Company, for production of 100,000 units of finished goods, in the month of

The following data were taken from the cost records of the Bolly Company, for production of 100,000 units of finished goods, in the month of January 2022 :

$

Depreciation, factory equipment..........

30,000

Depreciation, office equipment............

7,000

Supplies, factory...................................

1,500

Maintenance, factory equipment..........

20,000

Utilities, factory

8,000

Salesmens salary & commissions

30,000

Indirect labor.........................................

54,500

Rent, factory building...........................

70,000

Direct labor cost....................................

80,000

Advertising expense..............................

90,000

Direct materials inventories as at 1 January 2022: 23,000

Purchases and freight-in of direct materials 125,000

Direct materials inventories as at 31 January 2022: 25,000

Work-in-process as at 1 January 2022: 33,000

Work-in-process as at 31 January 2022 34,000

Required:

  1. Calculate the cost of goods sold, for each unit.
  2. Prepare the Income Statement for the month of January 2022, if the selling price for each unit is $6.10.
  3. Prepare the extracts of Current Assets in the Balance Sheet as at 31 January 2022

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