2. (15 marks) The fodowing data were taken from the records of nderson Manufactu

Question

2. (15 marks) The fodowing data were taken from the records of nderson Manufacturing Company for the ear ended September 30, 2017 Raw Materials Imventory (20/1/10) Raw Mateñials inventory 19/30/17) Finished Goods Inventory 110/1/16) Finished Goods Inventory (9/30/17 Work in Process inventory (10/1/16) Work in Process Inventory (9/30y) 22,800 67,800 184,600 Indirect Labour 1B,100 32,000 Factory Machinery Depreciationn Factory Utilities Office Utilities Expense 17200 6,800 496,000 3,700 Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases 8,000 16,000 Instructions (a) Prepare a cost of goods manufactured schedule in good form. (Assume all raw materials used were direct materials.) (10 marks) (b) Prepare an income statement through gross profit. (5 marks)

Explanation / Answer

(a).

(b).

Randerson Manufacturing Company Cost of Goods Manufactured Schedule For the Year Ended September 2017 Beginning raw materials inventory $ 24000 Add: Raw material purchases 58400 Raw materials available for use 82400 Less: Ending raw materials 22800 Direct materials used 59600 Direct labor 184600 Manufacturing overhead Indirect labor 18100 Factory insurance 8700 Factory machinery depreciation 17200 Factory utilities 12900 Plant manager's salary 61000 Factory property taxes 8000 Factory repairs 1200 Total manufacturing overheads 127100 Total current manufacturing costs 371300 Add: Beginning work in process 8000 Total cost of work in process 379300 Less: Ending work in process 9500 Cost of goods manufactured $ 369800

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