QUESTION:
David Inc. has the following information for the current year:
The company's accounting records provide the following information for the year:
Using the above information, develop a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and an Income Statement. Use the information to answer the following questions.
Opening inventory (units)
1,100
Production (units)
13,500
Ending inventory (units)
1,500
Sales price (per unit)
$170.00
Description
Amount (S)
ndirect materials
$84,600
Assembly line supervisor's salary
$69,000
Depreciation (head office)
$158,100
Customer service dept.. Costst
$98,000
Direct Labour
$256,100
Indirect labour
$104,700
Distribution costs
$113,600
Raw material purchases
$410,300
Product quality inspector
$55,700
Factory utilities
$53,400
Depreciation (factory)
$204,900
Salary, sales manager
$75,700
Opening Finished Goods Inventory
$15,700
Closing Finished Goods Inventory
$21,000
Opening WIP Inventory
$4,500
Closing WIP Inventory
$8,700
Opening raw materials inventory
$9,500
Closing raw materials inventory
$7,800