Fido Treats manufactures its own brand of pet chew bones. At the end of December

Question

Fido Treats manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: (Click the icon to view the accounting records.) Read the requirements Requirement 1. Prepare a schedule of cost of goods manufactured for Fido Treats for the year ended December 31, 2018. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column) Fido Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Direct Materials Used: Direct Materials Used Manufacturing Overhead.

Explanation / Answer

1. Schedule of Cost of Goods Manufatured for the year ended December 31st, 2018 :

2. Income Statement for the Year ended December 31st, 2018 :

3. A Manufacturers Cost of Goods Sold is based on its Finished Goods produced/manufactured where as Merchandisers Cost of Goods Sold is based on its Finished Goods purchased/merchandised

4.

Particulars Amt($) Amt($) Direct Materials Used Beginning Raw materials Inventory 13,600 Add : Cost of Materials Purchased 37,000 Total Raw Materials Available 50,600 Less : Ending Raw Materials Inventory 05,500 Total Raw Materials Used 45,100 Direct Labour 19,000 Manufacturing Overheads 00,000 Total Manufacturing Costs 64,100 Less : Closing Work In Progress Inventory 02,500 Cost of Goods Manufactured 61,600

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