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Tinkerbell Limited manufactures a single product and has just completed their second year of business. The company's accountant has come to you for assistance in
Tinkerbell Limited manufactures a single product and has just completed their second year of business. The company's accountant has come to you for assistance in preparing the financial statements for the year ended July 31, 2023. You have been provided with the following information regarding production, sales \& costs: Note 120% of the insurance relates to the sales office, 20% relates to the administrative office and 60% relates to the factory Required: 1. Complete the cost of goods manufactured schedule 2. Complete the cost of goods sold schedule 3. Complete the income statement for the year ended July 31,2023 4. Assuming the company produced 100,000 units during the year, what is the average cost per unit for direct materials? 5. Assume the company expects to produce 120,000 units from August 2023 - July 2024. What is the total cost of direct materials you would expect at this level? 6. Assume the company expects to produce 120,000 units from August 2023 - July 2024. What is the total cost of insurance you would expect at this level
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