e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for.f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? 1Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general &administrative costs.3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Inventory1/7/2020| 30/6/2021Raw Materials$230,000$260,000Factory SuppliesWork in Progress $348,300$35,000$24,000$203,300$485,000Finished Goods$632,900ther information:$5.731,00064,000Sales RevenueFactory Supplies PurchasedDirect Factory Labor792,000560,000Raw Materials PurchasedPlant janitorial serviceDepreciation: Plant & EquipmentTotal Utilities 137,000186,000481,250Production Supervisor's SalaryDesign Costs (School Logo)Packaging Cases Cost450,00026,00042,000Total Insurance 2168,000Delivery Vehicle Drivers' WagesDepreciation: Delivery VehicleProperty Taxes 3Administrative Wages & SalariesAdvertising & Selling Expenses181,50053,290240,000801,2501% of Sales Revenue

Cost of goods manufactured shows all costs incurred on the manufacturing and production of goods.

Answered: e)Prepare a schedule of cost of goods…

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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e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing
total manufacturing cost & total manufacturing costs to account for.

f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021.
List the non-manufacturing overheads in order of size starting with the largest.

g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the
period under review and uses a mark-up of 25% on cost?

1Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general &
administrative costs.
3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs

Transcribed Image Text:Inventory 1/7/2020| 30/6/2021 Raw Materials $230,000 $260,000 Factory Supplies Work in Progress $348,300 $35,000 $24,000 $203,300 $485,000 Finished Goods $632,900 ther information: $5.731,000 64,000 Sales Revenue Factory Supplies Purchased Direct Factory Labor 792,000 560,000 Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities 1 37,000 186,000 481,250 Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost 450,000 26,000 42,000 Total Insurance 2 168,000 Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Advertising & Selling Expenses 181,500 53,290 240,000 801,250 1% of Sales Revenue

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