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







Related Discussions:- Compute the cost of goods sold, Assignment Help, Ask Question on Compute the cost of goods sold, Get Answer, Expert's Help, Compute the cost of goods sold Discussions

Write discussion on Compute the cost of goods sold
Your posts are moderated
Related Questions

1. A fellow student says to you: "The statement of cash flows is the easiest of the basic financial statements to prepare because you know the answer before you start. You compa

You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), it

The San Carlos Company is an electronics business with eight product lines. Income data for one of the products (XT-107) for June 2011 are as follows: Revenues, 200,000 units at av

Prepare Cash Budget of a Company The given information concerned to the proposed budget for a company for the months ending on 31 December 1996. Additional Information

What are the four elements of the budgeting cycle?

If question (CA IPCC) is silent which method to follow: avg cost or fifo or lifo?

Hello, I''m currently doing a research on a company and planning an Activity Based Costing system since the company is using Traditional Costing system to allocate the overhead to

Manufacturing Concern to Organization There are three manufacturing centres as Making, Packing and Finishing.  These are supported through five support departments, namely Mai

Alternative to Total Overhead Variances There is an easier approach to overhead variances.  In this approach, the overheads are NOT sub-divided into their fixed and variable e