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Prepare schedule of cost of goods sold and income statement

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Reference no: EM132973484

The following data refer to Sydney Manufacturing Pty Ltd for the current year Sales revenue $2,546,000 Raw material inventory, 1 January 106,800 Purchase of raw material 877,200 Raw material inventory, 31 December 70,800 Direct labour cost incurred 568,800 Selling and administrative expense 322,800 Indirect Labour cost incurred 180,000 Council rates 108,000 Depreciation on factory building 150,000 Income tax expense 30,000 Indirect material used 54,000 Depreciation on factory equipment 72,000 Insurance on factory and equipment 48,000 Electricity for factory 84,000 Work in Process inventory, 1 January 0 Work in Process inventory, 31 December 48,000 Finished goods inventory, 1 January 42,000 Finished goods inventory, 31 December 48,000

Required

Problem A. Prepare Schedule of cost of goods sold and Income statement.

Problem B. What is the relationship between the Schedule of Cost goods manufactured and cost of goods sold in Sydney Manufacturing Pty ltd?

Reference no: EM132973484

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