Prepare a schedule for cost of goods manufactured

Assignment Help Managerial Accounting

Reference no: EM132814108

Case Study

The following information has been taken from Alison Co. accounting records:

Selling expense.....................................................	$140,000
Raw material inventory, Jan.1........	90,000
Raw material inventory, Dec. 31...	60,000
Utilities for the factory .....................	36,000
Direct labor cost................................................	150,000
Depreciation for the factory ..........	162,000
Purchases of raw material .............	750,000
Sales	2,500,000
Insurance for factory..........................	40,000
Supplies for factory	15,000
Administrative expense.....................	270,000
Indirect labor.........................................................	300,000
Maintenance for factory...................	87,000
Work in process inventory ,	180,000
Work in process inventory, Dec. 31..	100,000
Finished goods inventory, Jan.1......	260,000
Finished goods inventory, Dec. 31..	210,000

Management seeks your help as an expert to help them arrange this information into better format, so that financial statements could be prepared for the year

Required:

Question (1): Prepare a schedule for cost of goods manufactured Question (2): Calculate cost of goods sold

Question (3): Based on your calculation in both (1) and (2), prepare an income statement for Alison Co.

Reference no: EM132814108

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