Part 1 Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Sugar Hill High School. Inventory 1/7/2020 30/6/2021 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $348,300 $203,300 Finished Goods $632,900 $485,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ¹ Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance ² Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes ³ Administrative Wages & Salaries Advertising & Selling Expenses $5,731,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue ¹ Of 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.

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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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 and Prepare an income statement for Regional Safety Supplies for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. What is the selling price per mask if Regional Safety Supplies manufactured 1,850 masks for the
period under review and uses a mark-up of 25% on cost?

Transcribed Image Text:Part 1 Regional Safety Supplies (RSS) designs and manufactures masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Sugar Hill High School. Inventory 1/7/2020 30/6/2021 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress | $348,300 $203,300 Finished Goods $632,900 $485,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities 1 Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance ² Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Advertising & Selling Expenses $5,731,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue ¹ Of 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.

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