Reference no: EM132654444
Question - Cost of goods manufactured statement and analysis
Listed below are selected financial data extracted from the accounting records of Lee Yew Tan Manufacturing Pty Ltd for the year ended 30 June 2013.
Begining raw materials 93,600
Ending raw materials 90,720
Beginning work in process 72,000
Ending work in process 63,360
Direct labor 603,300
Factory overheads 359,436
Purchases of raw materials 248,304
Required -
A. Calculate ratios of each of the major manufacturing costs to the total manufacturing costs for the period.
B. Using your answers to part B and the business knowledge vignette, explain whether the mix of costs reflects a 1950s production technique or one from the 2000s. How much could the mix of costs be changed to modernize production techniques?
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