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.