"Production Reports-Cost of Goods Sold Schedule Student Name: 73000 Assumption-the above administration overhead is Period cost. Hence, it is notconsidering for computation of Cost of goods manufactured. 6. BMX Bikes, Compute Each of the Following for the BMX Bikes.A. Total Cost of Goods Sold for the Month, COGSAmountParticulars In $A. Material Consumed 174000B. Labour 80000C. Prime Cost (A+B) 254000D. Factory Overhead Applied 120000E. Total Manufacturing Costs (C+D) 374000Less : Closing WIP (34,000)F. Cost of Goods manufactured340000Less : Closing Finished goods inventory (85,000)Cost of Goods Sold (Gross) 255000 Add: Under applied of Manufacturing Overhead (D*5.04%) 6,050 Cost of Goods Sold (Net) 261050B. Ending Dollar Balance in the Finished Goods AccountProduced Units 2000Sale Units 1500500Finished units (A)Cost Per unit (B)-(340000/2000) 17085000Closing Finished goods inventory (A*B)C. Sales Price per UnitCost of Goods Sold (Net) 261050Selling Overhead (50% of 97000)48500Cost of Sales (A)30955013 Production Reports-Cost of Goods Sold Schedule Student Name: Produced Units (B) 2000Cost Per Unit (A/B)154.78Add : Markup 60% on cost92.87Sale Price Per unit (In $) 247.64D. Total Sales RevenuesA. Sale Units1500B. Sale Price Per unit247.64Sale revenue (A*B)371460E. Gross ProfitA. Sale Revenue371460B. Cost of sales309550Gross Profit (A-B)61910F. Net IncomeParticulars In $A. Sale Revenue371460B. Cost of sales309550Gross Profit (A-B)61910Less: Office Administration Overhead50% of 73000 36500Net Income 25410W.Note-1 Statement Showing Admin OverheadRent 25000Insurance 10000Utility 14000Depreciation 9000Telephone Expenses 1500073000 Assumption-the above administration overhead is Period cost. Hence, it is notconsidering for computation of Cost of goods manufactured. 14 Production Reports-Cost of Goods Sold Schedule Student Name: 7. TOTAL, Compute Each of the Following in TOTAL for ALL BikesA. Total Sales Revenues , Gross Profit , Net IncomeMountain BMXParticulars Bikes Bikes TotalSaleRevenue 611667 371460 983127GrossProfit 126217 61910 188127Net Income 89717 25410 1151278. Compute the Each of the FollowingA. Gross Profit Percent for Mountain Bikes, (GP/Sales)A. Sales 611667B. Gross Profit 126217C. Gross Profit Ratio (B/A*100) 20.63%B. Net Income Percent for Mountain Bikes, (NI/Sales)A .Sales 611667B.Net Income 89717C. Gross Profit Ratio (B/A*100) 14.67%C. Gross Profit Percent for BMX Bikes, (GP/Sales)A. Sales 371460C. Gross Profit 61910C. Gross Profit Ratio (B/A*100) 16.67%D. Net Income Percent for Mountain Bikes, (NI/Sales)A. Sales 371460B.Net Income 25410C. Gross Profit Ratio (B/A*100) 6.84%15 Production Reports-Cost of Goods Sold Schedule Student Name: E. Which Product is Best for this Business and Why?Mountain bikes are better than BMX bikes.16 "