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Category > Accounting Posted 13 May 2017 My Price 7.00

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold

EXERCISE 2–10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold [LO1, LO3, LO4]

Tiessen Limited provided the following information for the year ended December 31:

 

Marketing expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$300,000

Direct labour cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

270,000

Raw material purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

396,000

Rent, manufacturing building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

240,000

Indirect labour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

168,900

Sales commissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

105,000

Utilities, manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,000

Depreciation, manufacturing equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

72,000

Supplies, manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,100

Depreciation, office equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,000

Repairs, manufacturing equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120,000

 www.tex-cetera.com 

 

                                                                                                        

Raw materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,000

$30,000

Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15,000

60,000

Finished goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

210,000

75,000

 Required:

1.              Prepare a schedule of cost of goods manufactured.

2.              Prepare the cost of goods sold section of Tiessen Limited’s income statement for the year.

 

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 08:05 AM My Price 7.00

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Attachments

file 1494663945-Answer.docx preview (785 words )
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