Solution-Prepare a Schedule of Cost of Goods Manufactured

Prepare a Schedule of Cost of Goods Manufactured

Assignment Help Accounting Basics

Reference no: EM132814224

Problem - Cure Company Ltd. manufactures products for pet stores and bird owners. Below is selected financial information from their September 30, 2020 financial statements.

Raw materials inventory - October 1st $100,000

Raw materials inventory - September 30th $75,111

Raw materials purchased $820,000

Sales revenue $3,700,325

Sales expenses $180,500

Factory utilities expense $48,000

Direct labour $275,450

Indirect labour $450,000

Work in progress inventory - October 1st $125,000

Work in progress inventory - September 30th $107,000

Factory depreciation expense $187,700

Factory insurance expense $50,750

General factory supplies $25,000

General and administrative expenses $308,800

Factory maintenance expense $93,000

Finished goods inventory - October 1st $267,900

Finished goods inventory - September 30th $189,350

Required -

a) Prepare a Schedule of Cost of Goods Manufactured as at September 30, 2020.

b) Prepare a Schedule of Cost of Goods Sold as at September 30, 2020.

Reference no: EM132814224

Questions Cloud

Examples of transportation operations : The Hub and Spoke operations model is frequently used in small package operational systems. Describe how this system operates

What is the minimum probability of performing : If the system is to have a 0.91 probability of performing, what is the minimum probability of performing needed by each of the individual components?

Calculate the cost of the tramel job : Calculate the cost of the Tramel job. Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab

Motivate change and overcome resistance : What are the steps that are needed to motivate change and overcome resistance to change in an organization?

Prepare a Schedule of Cost of Goods Manufactured : Cure Company Ltd. manufactures products for pet stores and bird owners. Prepare a Schedule of Cost of Goods Manufactured as at September 30, 2020

Marketing department at teddy bower : To ensure a full line of outdoor clothing and accessories, the marketing department at Teddy Bower insists that they also sell waterproof hunting boots.

How much is advertising expense to be recorded : Equally distributed during the course of the year. How much is advertising expense to be recorded by Mr. Pamath for the year ended December 31, 2011?

Advantages and disadvantages of being first mover : Michael Martin's dad fell off the roof of his home while clearing away snow. His dad tried calling 911 from his cellphone, but couldn't reach them.

What carrying amount of the biological assets on december is : What carrying amount of the biological assets on December 31, 2020 is? Gain arising from changes in fair value less cost to sell attributable to physical change

User Account

All Pages

Prepare a Schedule of Cost of Goods Manufactured

Reference no: EM132814224

Reference no: EM132814224

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT