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Question - Sandy Ltd. had incurred $111,000 of direct labor costs during 2015. There were no beginning material but $78,000 was purchased and $3,000 remained at the end of the period. Indirect labor amounted to $5,100 while other operating costs pertaining to the factory included utilities of $10,100; maintenance of $12,500; repairs of $5,300; depreciation of $27,300. The sales salary was $60,000 and the CEO salary was $120,000. There $1,500 beginning and no ending finished goods. The Work-in-Process account reflected a balance of $22,500 at the beginning of the period and $16,500 at the end of the period.
Requirement -
a) Identify the inventory(ies) that Sandy Ltd. has.
b) Prepare Schedule of Cost of Goods Manufactured for Sandy Ltd for the period Dec. 31st 2015.
c) Identify the period costs.
d) Explain 5 differences between managerial and financial accounting.
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