The gross profit. Sky Ltd's accountant recently prepared the following data from the company's accounting records for the year ended 31 December 2022: Sales $ 2,520,630 Inventories at 1 January 2022: Raw materials 158,760 Work in process 112,980 Finished goods 198,450 Inventories at 31 December 2022: Raw materials 151,830 Work in process 107,940 Finished goods 204,120 Direct labour 239,400 Purchases of raw materials 680,400 Selling expenses 248,430 Factory overhead is applied at the rate of 180% of direct labour cost. Compute the following for the year ended 31 December 2022. The costs of direct material used. The manufacturing costs for the period. The cost of goods manufactured. The cost of goods sold.
The gross profit. Sky Ltd's accountant recently prepared the following data from the company's accounting records for the year ended 31 December 2022: Sales $ 2,520,630 Inventories at 1 January 2022: Raw materials 158,760 Work in process 112,980 Finished goods 198,450 Inventories at 31 December 2022: Raw materials 151,830 Work in process 107,940 Finished goods 204,120 Direct labour 239,400 Purchases of raw materials 680,400 Selling expenses 248,430 Factory overhead is applied at the rate of 180% of direct labour cost. Compute the following for the year ended 31 December 2022. The costs of direct material used. The manufacturing costs for the period. The cost of goods manufactured. The cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The gross profit.
Transcribed Image Text:Sky Ltd's accountant recently prepared the following data from the company's
accounting records for the year ended 31 December 2022:
Sales
$
2,520,630
Inventories at 1 January 2022:
Raw materials
158,760
Work in process
112,980
Finished goods
198,450
Inventories at 31 December 2022:
Raw materials
151,830
Work in process
107,940
Finished goods
204,120
Direct labour
239,400
Purchases of raw materials
680,400
Selling expenses
248,430
Factory overhead is applied at the rate of 180% of direct labour cost.
Compute the following for the year ended 31 December 2022.
The costs of direct material used.
The manufacturing costs for the period.
The cost of goods manufactured.
The cost of goods sold.
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