d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. e) Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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All School Logos & More (ASLM) design and manufacture school uniform crests. After production,
the crests are placed into individual plastic cases, before being transferred into Finished Goods. The
accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform
crests for Hill Point High School are given below.
| Inventory
Raw Materials
Work in Progress $138,875
1/10/2021 31/12/2021
$72,000
$65,000
$129,125
$141,700
Finished Goods
$149,500
Other information:
Sales Revenue
Factory Labour
Raw Materials Purchased
Office Cleaner's Wages
Factory Supplies Used
Depreciation: Factory Plant & Equipment
Total Utilities !
Plant Supervisor's Salary
Design Costs (School Logo)
Packaging Material Cost
Total Insurance 2
Delivery Vehicle Drivers’ Wages
Depreciation: Delivery Vehicle
Property Taxes 3
Administrative Wages & Salaries
Sales Commission
$1,694,950
239.700
235,000
4,500
23.500
32,000
118,750
180,000
4.300
35,000
60,000
41,250
7,250
105,000
123,750
2% of Net Profit before Commission
"Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
2Of the total insurance, 66%% relates to the manufacturing facilities & 33%% relates to the office area
3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Transcribed Image Text:All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastic cases, before being transferred into Finished Goods. The accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform crests for Hill Point High School are given below. | Inventory Raw Materials Work in Progress $138,875 1/10/2021 31/12/2021 $72,000 $65,000 $129,125 $141,700 Finished Goods $149,500 Other information: Sales Revenue Factory Labour Raw Materials Purchased Office Cleaner's Wages Factory Supplies Used Depreciation: Factory Plant & Equipment Total Utilities ! Plant Supervisor's Salary Design Costs (School Logo) Packaging Material Cost Total Insurance 2 Delivery Vehicle Drivers’ Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Sales Commission $1,694,950 239.700 235,000 4,500 23.500 32,000 118,750 180,000 4.300 35,000 60,000 41,250 7,250 105,000 123,750 2% of Net Profit before Commission "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2Of the total insurance, 66%% relates to the manufacturing facilities & 33%% relates to the office area 3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly
showing total manufacturing cost & total manufacturing costs to account for.
e) Prepare an income statement for personal All School Logos & More for the quarter ended December
31, 2021. List the non-manufacturing overheads in order of size starting with the largest.
f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point
High School for the quarter under review and uses a mark-up of 50% on cost?
Transcribed Image Text:d) Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. e) Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. f) What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?
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