Helza manufacturing provided that for last year, cost of goods sold is 565, 000, factory overhead is applied on the basis of 80% of direct labor cost. Material used during the process is 115,000. The following addition information is as under: Opening Ending Inventory Inventory Direct material 25,000 35,000 Work in Process 30,000 40,000 Finished goods 35,000 25,000 During the period the following expenses incurred: Depreciation of Plant and Machinery 82,000 Security charges of factory 20,000 Fuel and power 110,000 Charge FoH under or over applied to entire production Required: Complete cost of goods sold statement?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Helza manufacturing provided that for last year, cost of goods sold is 565, 000, factory overhead is applied on the basis of 80% of direct labor cost. Material used during the process is 115,000. The following addition information is as under:
Opening Ending
Inventory Inventory
Direct material 25,000 35,000
Work in Process 30,000 40,000
Finished goods 35,000 25,000
During the period the following expenses incurred:
Depreciation of Plant and Machinery 82,000
Security charges of factory 20,000
Fuel and power 110,000
Charge FoH under or over applied to entire production
Required: Complete cost of goods sold statement?

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