Question 1Part 1Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. Theaccounting records of the business reflect the following data at December 31, 2023:Inventory1/1/202331/12/2023Raw Materials$260,000$230,000Work In Progress$333,800 $218,800Finished Goods $1,075,200 $615,000Other information:Sales RevenueFactory suppliesDirect Factory LaborSpecial Design CostRaw Materials PurchasedPlant janitorial serviceDepreciation: Plant & EquipmentPlant UtilitiesPlant supervisor's salaryProperty Taxes 1R & D for Graphic DesignsOffice UtilitiesInsurance on Plant & EquipmentDelivery truck driver's wagesDepreciation: Delivery truckAdministrative Wages & SalariesSales Commission$5,765,00045,000735,00015,000540,00052,000165,000385,000480,000300,00070,500165,000120,000125,00052,000850,15097,650¹ The property taxes should be shared: 60% manufacturing & 40% general & administrative costs.Required:a) Calculate the raw material used by Gopaul Electronics.b) What is the total factory overhead cost incurred by Gopaul Electronics during the period?c) Determine the prime cost & conversion cost of the product manufactured.d) Calculate the cost of goods manufactured for the year by Gopaul Electronicse) Prepare an income statement for Gopaul Electronics for the year ended December 31, 2023, clearly showingthe calculation of Cost of Goods Sold. List the non-production overheads in order of size starting with thelargest.f) What is the selling price per switch if Gopaul Electronics manufactured 1,500 switches for the period underreview and uses a mark-up of 33%% on cost?

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Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 Raw Materials $260,000 Work In Progress $333,800 Finished Goods 31/12/2023 $230,000 $218,800 $1,075,200 $615,000

Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 Raw Materials $260,000 Work In Progress $333,800 Finished Goods 31/12/2023 $230,000 $218,800 $1,075,200 $615,000

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Step 2: (a) Calculate the raw material used by Gopaul Electronics:

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Step 3: (b) Determine the total factory overhead cost incurred by Gopaul electronics during the period:

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Step 4: (c) Determine the Prime cost & Conversion cost:

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