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Account balances from Facey Manufacturing Companys accounting records for the month ended December 31, 2019 appear below:
| Finished Goods Inventory, December 31 | $ 75,350 |
| Factory Supervisory Salaries | 80,000 |
| Companys Income Tax Expense | 40,000 |
| Raw Materials Inventory, December 1 | 16,500 |
| Work In Process Inventory, December 31 | 50,000 |
| Sales Salaries Expense | 25,000 |
| Office Depreciation Expense | 18,000 |
| Factory Depreciation Expense | 5,000 |
| Finished Goods Inventory, December 1 | 32,400 |
| Raw Materials Purchases | 470,000 |
| Work In Process Inventory, December 1 | 72,000 |
| Factory Utilities Expense | 5,700 |
| Direct Labour | 130,000 |
| Raw Materials Inventory, December 31 | 23,000 |
| Sales Returns and Allowances | 2,700 |
| Sales commissions | 25,000 |
| Indirect Labour | 15,000 |
| Sales revenue | 1,500,000 |
| Delivery expenses | 14,000 |
| Selling and Admin expenses | 45,000 |
Instructions
Prepare a schedule of cost of goods manufactured (10 Marks)
Answer & Explanation
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