Reference no: EM132587800

The following data refer to Quest Ltd for the current year: Sales Revenues $575 000 Work in process inventory, 31 December 20 000 Work in process inventory, 1 January 25 000 Product promotion cost 30 000 Rental of office space for sales personnel 20 000

Cost of idle time:

sales employees 20 000

Income tax expense 60 000

Purchase of raw materials 95 000

Raw materials inventory, 31 December 17 500

Raw material inventory. 1 January 25 000

Direct labour 105 000

Electricity:

plant 25 000

Depreciation plant and equipment 35 000

Finished goods inventory, 31 December 30 000

Finished goods inventory, 1 January 15 000

Indirect material 5 000

Indirect labour 7 500

Production supervisor's salary 40 000 2

Required:

Question a) Prepare the schedule of cost of goods manufactured for Quest Ltd.

Question b) Prepare the schedule of cost of goods sold for Quest Ltd.

Question c) An income statement for Quest Ltd for the current year