Question
The following information pertains to the most recent quarter that ended on December 31, 2022, at Akon Limited. Purchases of raw materials 378,000 Raw materials
The following information pertains to the most recent quarter that ended on December 31, 2022, at Akon Limited.
Purchases of raw materials |
|
378,000 |
Raw materials inventory, beginning |
| 44,800 |
Raw materials inventory, ending |
| 74,000 |
Depreciation, factory |
| 198,000 |
Insurance, factory |
| 21,200 |
Direct labour |
| 248,400 |
Maintenance, factory |
| 124,800 |
Administrative expenses |
| 289,600 |
Sales | 2,088,000 | |
Utilities, factory | 114,000 | |
Supplies, factory | 4,120 | |
Selling expenses | 330,800 | |
Indirect labor | 268,400 | |
Work in process inventory, beginning | 28,600 | |
Work in process inventory, ending | 122,400 | |
Finished goods inventory, beginning | 41,800 |
Finished goods inventory, ending | 167,200 |
Requirement 1:
Prepare a schedule of the cost of goods manufactured for the quarter that ended Dec 31, 2022.
Requirement 2:
Prepare an income statement for the quarter that ended Dec 31, 2022.
Note: Please post the answer in excel format.
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