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The Splendid Staircases Shop Ltd . manufactures one of a kind, special order spiral staircases in its Olds, AB factory. The following is a summary
The Splendid Staircases Shop Ltd manufactures one of a kind, special order spiral staircases in its Olds,
AB factory. The following is a summary of transactions in
The manufacturing overhead is applied using a budgeted overhead application rate based on
direct labour hours. The budget for called for $ of manufacturing overhead costs and direct labour hours.
The opening work in process at January was $
The only job unfinished on December was JOB NO on which total labour charges were
$ direct labour hours at $ per hour and total direct material charges were $
The balance of raw materials inventory on January was $ Raw materials placed into production during totalled $ of which $ was indirect raw materials. The balance of ending raw material inventory was $ on December
The finished good inventory balance at January was $ The unadjusted ending finished goods inventory on December was $
The total factory labour costs direct labour and indirect labour for the year were $ Direct labour hours in totaled
Other costs incurred during the year were:
advertising $
office $
utilities factory $
sales commissions $
insurance factory $
The company sold staircases at an average selling price of $
Any underapplied or overapplied overhead is closed according to IAS
REQUIRED: Prepare a schedule of cost of goods manufactured and an income statement for the year ending December if the income tax rate is
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