Solution-Prepare cost of goods manufactured statement for

Prepare cost of goods manufactured statement for year ended

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Reference no: EM131800501

Problem

Spumante Manufacturer Ltd had provided a list of adjusted ledger account balances at the end of financial year of 30 June 2014. All ledger balances are normal balances.

Advertising expense	$ 60,000	Administrative office rent	$ 30,000
Sales travel expense	18,300	Office salaries	211,200
Depreciation-factory machinery	19,200	Rates-factory	24,000
Depreciation-office equipment	7,200	Discounts received on raw materials	4,000
Direct labour	195,000	Raw materials inventory 1/7/2013	57,600
Factory power	18,000	Raw materials inventory 30/6/2014	62,400
Factory rent	120,000	Raw materials purchases	640,000
Factory supplies	148,000	Sales revenue	1,900,000
Finished goods, 1/7/2013	130,000	Sales returns	31,400
Finished goods, 30/6/2014	125,000	Sales commissions	57,300
Freight inward (materials)	8,700	Work in process, 1/7/2013	27,000
Indirect labour	64,000	Work in process, 30/6/2014	30,000
Machinery repairs	38,900

Using Microsoft Excel you are required to:

A. Prepare a cost of goods manufactured statement for the year ended 30 June 2014.
B. Prepare an income statement for the year ended 30 June 2014.

Reference no: EM131800501

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Prepare cost of goods manufactured statement for year ended

Reference no: EM131800501

Reference no: EM131800501

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