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Make schedule of cost of goods sold and income statement

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Reference no: EM132974340

The following data refer to Sydney Manufacturing Pty Ltd for the current year

Sales revenue $2,546,000

Raw material inventory, 1 January 106,800

Purchase of raw material 877,200

Raw material inventory, 31 December 70,800

Direct labour cost incurred 568,800

Selling and administrative expense 322,800

Indirect Labour cost incurred 180,000

Council rates 108,000

Depreciation on factory building 150,000

Income tax expense 30,000

Indirect material used 54,000

Depreciation on factory equipment 72,000

Insurance on factory and equipment 48,000

Electricity for factory 84,000

Work in Process inventory, 1 January 0

Work in Process inventory, 31 December 48,000

Finished goods inventory, 1 January 42,000

Finished goods inventory, 31 December 48,000

Problem A. Prepare Schedule of cost of goods sold and Income statement.

Problem B. What is the relationship between the Schedule of Cost goods manufactured and cost of goods sold in Sydney Manufacturing Pty ltd?

Reference no: EM132974340

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