Compute the cost of goods sold, Cost Accounting

The following data (in thousands of dollars) have been taken from the accounting records of Barn Burner Corporation for the just completed year.      

Sales                                                                   $870

Purchases of raw materials                                    $110

Direct labour                                                        $130

Depreciation - Factory equipment                           $100

Factory Insurance                                                 $50

Indirect labour - Factory supervisor                         $25

Factory Repairs & Maintenance                                $25

Administrative expenses                                        $160

Selling expenses                                                   $140

Marketing expenses                                              $50

Raw materials inventory, beginning                        $  30

Raw materials inventory, ending                            $  60

Work in process inventory, beginning                     $  50

Work in process inventory, ending                         $ 10

Finished goods inventory, beginning                       $150

Finished goods inventory, ending                           $140

Required:

i. Prepare a Schedule of Cost of Goods Manufactured in good form.

ii. Compute the Cost of Goods Sold.

iii. Prepare a simple Income Statement in good form.

Posted Date: 2/19/2013 1:22:34 AM | Location : United States







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