Exercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold.
Exercise 5 - 10 Schedules of Cost of Goods
The following data from the just - completed year are taken from the accounting records of Eccles Company:
Sales S 713, OOO
Direct labour cost 100, 000
Raw material purchases 142, 000
Selling expenses 110, 000
Administrative expenses 53, 000
Manufacturing
Actual manufacturing overhead costs 240, 000
Inventory Beginning of Year End of Year
Raw materials S 9, 000 S 11, 000
Work in process 6, 000 21, 000
Finished goods 71, 000 26, 000
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold.
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