10. Prepare a cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: Raw materials, January 1 $ 30,000 Insurance factory building $ 14,000 Raw materials, December 31 20,000 Property taxes - factory bldg. 6,000 Raw materials purchased 205,000 Sales (net) 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, January 1 80,000 Sales commissions 150,000 Work in process, December 31 50,000 Indirect Labour 90,000 Finished goods, January 1 110,000 Factory machinery rent 40,000 Finished goods, December 31 120,000 Factory utilities 65,000 Direct labour 350,000 Depreciation - factory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000
10. Prepare a cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: Raw materials, January 1 $ 30,000 Insurance factory building $ 14,000 Raw materials, December 31 20,000 Property taxes - factory bldg. 6,000 Raw materials purchased 205,000 Sales (net) 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, January 1 80,000 Sales commissions 150,000 Work in process, December 31 50,000 Indirect Labour 90,000 Finished goods, January 1 110,000 Factory machinery rent 40,000 Finished goods, December 31 120,000 Factory utilities 65,000 Direct labour 350,000 Depreciation - factory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:10. Prepare a cost of goods manufactured schedule for Premium
Manufacturing Company for 2022.
Premium Manufacturing Company has the following cost and expense data
for the year ended December 31, 2022:
Raw materials, January 1 $ 30,000 Insurance factory building
$ 14,000
Raw materials, December 31 20,000 Property taxes - factory bldg.
6,000
Raw materials purchased 205,000 Sales (net)
1,500,000
Indirect materials 15,000 Delivery expenses
100,000
Work in process, January 1 80,000 Sales commissions
150,000
Work in process, December 31 50,000 Indirect Labour
90,000
Finished goods, January 1 110,000 Factory machinery rent
40,000
Finished goods, December 31 120,000 Factory utilities
65,000
Direct labour 350,000 Depreciation - factory building
24,000
Factory manager's salary 35,000 Administrative expenses
300,000
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