$1,000,000 30,000 36,000 150,000 80,000 180,000 25,000 20,ee0 180,800 40,000 50,
ID: 2550783 • Letter: #
Question
$1,000,000 30,000 36,000 150,000 80,000 180,000 25,000 20,ee0 180,800 40,000 50,000 50,000 10,000 10,000 15,000 60,000 Sales revenue Work-in-process inventory, December 31 2 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, 3anuary 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead 1 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year SAN FERNANDO FASHIONS COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x2 Cost of goods available for sale Cost of goods soldExplanation / Answer
San Fernando Fashions Company Description Amount Opening Stock - Raw Material 20,000.00 Add: Purchase - Raw Material 1,80,000.00 Add: Other Purchase Expenses - Raw Material Add: Raw Material Utilised - Add: Direct Labour/Wages 1,80,000.00 Add: Other Direct Expenses - Less: Closing Stock - Raw Material 25,000.00 PRIME COST 3,55,000.00 Add:- Over Heads Expenses Factory 60,000.00 Indirect Material Expenses 10,000.00 Other Indirect Wages 15,000.00 Plant Utilities 40,000.00 Depreciation - Pant & equipment 50,000.00 WORKS COST INCURRED 5,30,000.00 Add: Opening Stock - Work in Progress 36,000.00 Less: Closing Stock - Work in Progress 30,000.00 COST OF PRODUCTION 5,36,000.00 Add: Opening Stock - Finished Goods 10,000.00 Cost of Goods Available for sale 5,46,000.00 Less: Closing Stock - Finished Goods 50,000.00 COST OF GOODS SOLD 4,96,000.00 Add:- Selling and Distribution Overhead Expenses:- 1,50,000.00 COST OF SALES (D+E) 6,46,000.00 ADD: PROFIT 3,54,000.00 SALES 10,00,000.00
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