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?