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You have been approached by the President of Socks Manufacturing Limited to assist them in completing their financial statements for the year ended December 3
You have been approached by the President of Socks Manufacturing Limited to assist them in completing
their financial statements for the year ended December Their managerial accountant fell ill before
completing the schedule of cost of goods manufactured & they are unable to complete the financial statements
without this schedule.
You have been provided with the following information:
Direct materials purchased
Raw materials inventory, Jan.
Raw Materials inventory, Dec.
Sales
Depreciation, factory
Property tax, factory
Work in process, Jan.
Work in process, Dec.
Administrative expense
Selling expense
Indirect labour, factory
Administrative salaries
Insurance expense, admin & selling offices
Utilities, factory
Indirect materials
Finished goods inventory, Jan.
Finished goods inventory, Dec.
Advertising expense
Sales salaries
Direct labour
Required:
Complete the cost of goods manufactured schedule
Complete the income statement for the year ended December
Assuming the company produced units during the year, what is the average cost
per unit for direct materials?
Assume the company expects to produce units in What is the total cost of direct materials
you would expect?
Assume the company expects to produce units in What is the total cost of administrative
salaries you would expect?
Under no circumstances may the value of an assignment be moved to the exam. Students will
receive a grade of if the assignment is not submitted as required. Students must NOT have the
assignment prepared for them by friends, acquaintances, family or tutors as this is a form of
academic dishonesty
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