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Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were

Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were

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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The accounting records of Fanzy Ltd shows the following inventory and cost data for the year 2022 just ended COST INCURED: - Direct labour cost 70 000 Purchases of raw materials 120 000 .Indirect labour 45.000 - Maintenance of factory equipment 6 000 Advertising expense 90 000 Insurance of factory equipment 1.900 -Sales salaries 50 000 -Rent of factory facilities 24 000 .Supplies 3600 Depreciation of office equipment 4 500 Depreciation of factory equipment 17 000 INVENTORY : End of the year Raw materials $ 12 500 Work in process 15 150 Finished goods 18 100 Beginning of the year $ 18 000 10 300 23 000 REQUIRED: Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were $ 500 000
Transcribed Image Text:The accounting records of Fanzy Ltd shows the following inventory and cost data for the year 2022 just ended COST INCURED: - Direct labour cost 70 000 Purchases of raw materials 120 000 .Indirect labour 45.000 - Maintenance of factory equipment 6 000 Advertising expense 90 000 Insurance of factory equipment 1.900 -Sales salaries 50 000 -Rent of factory facilities 24 000 .Supplies 3600 Depreciation of office equipment 4 500 Depreciation of factory equipment 17 000 INVENTORY : End of the year Raw materials $ 12 500 Work in process 15 150 Finished goods 18 100 Beginning of the year $ 18 000 10 300 23 000 REQUIRED: Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were $ 500 000
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