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Accounting Question

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1

1) Calculation of cost of goods manufactured:

L. Company
Particulars Amount Amount
Schedule of cost of goods manufactured    
for the year ended December 31, 2015    
Direct Material    
Beginning raw material inventory   $1,66,850 
Add: Purchase of raw material   $9,25,000 
Raw materials available for production   $10,91,850 
Less: Ending raw material inventory   $1,82,000 
Raw materials transferred to production   $9,09,850 
Direct Labour   $6,75,480 
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