Answered: 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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1. Prepare a schedule of cost of goods manufactured for the quarter ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. 2. Prepare an income statement for personal All School Logos & More for the quarter ended December 31, 2021. List the non-manufacturing overheads in order of size starting with the largest. 3. What is the selling price per crest if All School Logos & More manufactured 2,800 crests for Hill Point High School for the quarter under review and uses a mark-up of 50% on cost?

Transcribed Image Text:All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastic cases, before being transferred into Finished Goods. The accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform crests for Hill Point High School are given below. | 1/10/2021 31/12/2021 $72,000 Inventory |Raw Materials Work in Progress $138,875 | Finished Goods $65,000 $129,125 $141,700 $149.500 Other information: Sales Revenue Factory Labour Raw Materials Purchased | Office Cleaner's Wages Factory Supplies Used |Depreciation: Factory Plant & Equipment |Total Utilities · | Plant Supervisor's Salary |Design Costs (School Logo) Packaging Material Cost Total Insurance = |Delivery Vehicle Drivers' Wages |Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Sales Commission $1,694.950 239.700 235.000 4.500 23.500 32,000 118,750 180,000 4.300 35,000 60,000 41,250 7,250 105,000 123.750 2% of Net Profit before Commission "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2Of the total insurance, 66%% relates to the manufacturing facilities & 33½% relates to the office area 3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs

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