The following data (in thousands of dollars) have been taken from the accounting

Question

The following data (in thousands of dollars) have been taken from the accounting records of Toyota Corporation for the just-completed year:

Sales.................................................................................

$1,110

Purchases of raw materials................................................

$325

Direct labor.......................................................................

$285

Manufacturing overhead....................................................

$265

Administrative expenses....................................................

$150

Selling expenses................................................................

$140

Raw materials inventory, beginning.....................................

$15

Raw materials inventory, ending.........................................

$90

Work-in-process inventory, beginning.................................

$20

Work-in-process inventory, ending.....................................

$100

Finished goods inventory, beginning...................................

$120

Finished goods inventory, ending.......................................

$135

Required: Prepare a Schedule of Cost of Goods Manufactured for Toyota Corporation

Sales.................................................................................

$1,110

Purchases of raw materials................................................

$325

Direct labor.......................................................................

$285

Manufacturing overhead....................................................

$265

Administrative expenses....................................................

$150

Selling expenses................................................................

$140

Raw materials inventory, beginning.....................................

$15

Raw materials inventory, ending.........................................

$90

Work-in-process inventory, beginning.................................

$20

Work-in-process inventory, ending.....................................

$100

Finished goods inventory, beginning...................................

$120

Finished goods inventory, ending.......................................

$135

Explanation / Answer

A
Contribution/unit = Selling Price/unit

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