The following data refer to Flintoff Fashions for the current year:

Required:
1. Required the schedule of cost of goods manufactured for Flintoff Fashions.
2. Prepare the schedule of cost goods sold for Flintoff Fashions.
3. Prepare the income statement for Flintoff Fashions.
4. Construct an Excel® spreadsheet to solve all the preceding requirements. Include formulas in your spreadsheet wherever possible. Show how both cost schedules and the income statement will change if:
(a) Raw material purchases amounted to $110,400.
(b) Indirect labour was $9600.

Transcribed Image Text:

$570 000 Sales revenue Work in process inventory, 31 December Work in process inventory, 1 January Selling and administrative expenses 18 000 24 000 90 000 54 000 Income tax expense 108 000 Purchases of raw materials 15 000 Raw material inventory, 31 December 24 000 Raw material inventory, 1 January 120 000 Direct labour 24 000 Electricity: plant Depreciation: plant and equipment Finished goods inventory, 31 December Finished goods inventory, 1 January 36 000 30 000 12 000 6 000 Indirect material 9 000 Indirect labour 48 000 Other manufacturing overhead