The following information has been taken from the accounting records of Klear-Seal Corporation for the last year: $ Selling Expenses 140,000 Raw Materials, January 1 90,000 Raw Materials, December 31 60,000 Utilities, factory 36,000 Direct Labour Cost 150,000 Depreciation, factory 162,000 Purchases of Raw Materials 750,000 Sales 2,500,000 Insurance, factory 40,000 Supplies, factory 15,000 Administrative expenses 270,000 Indirect Labour 300,000 Maintenance, factory 87,000 Work in Process, January 1 180,000 Work in Process, December 31 100,000 Finished Goods, January 1 260,000 Finished Goods, December 31 210,000 Required: Prepare a schedule of cost of goods manufactured for the period ending December 31, 2016 Prepare the income statement showing the profit December 31 2016
The following information has been taken from the accounting records of Klear-Seal Corporation for the last year:
|
|
$ |
|
Selling Expenses |
140,000 |
|
Raw Materials, January 1 |
90,000 |
|
Raw Materials, December 31 |
60,000 |
|
Utilities, factory |
36,000 |
|
Direct Labour Cost |
150,000 |
|
|
162,000 |
|
Purchases of Raw Materials |
750,000 |
|
Sales |
2,500,000 |
|
Insurance, factory |
40,000 |
|
Supplies, factory |
15,000 |
|
Administrative expenses |
270,000 |
|
Indirect Labour |
300,000 |
|
Maintenance, factory |
87,000 |
|
Work in Process, January 1 |
180,000 |
|
Work in Process, December 31 |
100,000 |
|
Finished Goods, January 1 |
260,000 |
|
Finished Goods, December 31 |
210,000 |
Required:
Prepare a schedule of cost of goods manufactured for the period ending December 31, 2016
Prepare the income statement showing the profit December 31 2016
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