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Prepare a cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: Insurance-factory $ 14,000 Raw materials, January 1 Raw materials, December 31 Raw materials purchased Indirect materials Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Direct labour Factory manager's $ 30,000 20,000 205,000 Sales (net) 15,000 Delivery expenses building Property taxes - factory bldg. 80,000 Sales commissions 50,000 Indirect Labour 110,000 350,000 120,000 Factory utilities 35.000 Factory machinery rent Depreciation - factory building Administrative 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 300.000

Prepare a cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: Insurance-factory $ 14,000 Raw materials, January 1 Raw materials, December 31 Raw materials purchased Indirect materials Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Direct labour Factory manager's $ 30,000 20,000 205,000 Sales (net) 15,000 Delivery expenses building Property taxes - factory bldg. 80,000 Sales commissions 50,000 Indirect Labour 110,000 350,000 120,000 Factory utilities 35.000 Factory machinery rent Depreciation - factory building Administrative 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 300.000

FINANCIAL ACCOUNTING
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 cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: $ 14,000 Raw materials, January 1 Raw materials, December 31 Raw materials purchased Indirect materials Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Direct labour Factory manager's salary $ 30,000 20,000 205,000 Sales (net) 80,000 15,000 Delivery expenses Insurance - factory building 110,000. Property taxes - factory bldg. 50,000 Indirect Labour 350,000 35,000 Sales commissions 120,000 Factory utilities Factory machinery rent Depreciation - factory building Administrative expenses 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 300,000
Transcribed Image Text:Prepare a cost of goods manufactured schedule for Premium Manufacturing Company for 2022. Premium Manufacturing Company has the following cost and expense data for the year ended December 31, 2022: $ 14,000 Raw materials, January 1 Raw materials, December 31 Raw materials purchased Indirect materials Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Direct labour Factory manager's salary $ 30,000 20,000 205,000 Sales (net) 80,000 15,000 Delivery expenses Insurance - factory building 110,000. Property taxes - factory bldg. 50,000 Indirect Labour 350,000 35,000 Sales commissions 120,000 Factory utilities Factory machinery rent Depreciation - factory building Administrative expenses 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 300,000
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