Super Supplier's is preparing its cost of goods manufactured schedule at year end. The firm's...
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Accounting
Super Supplier's is preparing its cost of goods manufactured schedule at year end. The firm's accounting records showed the following: The raw (direct materials) inventory had a beginning balance of $13,000 and an ending balance of $17,000. During the year, the firm purchased $58,000 of direct materials. Direct Labour for the year totaled $123,000 while manufacturing overhead amounted to $152,000. The work in process inventory had a beginning balance of $21,000 and an ending balance of $15,000. Beginning Finished Goods Inventory was $40,000 and Ending Finished Goods Inventory was $30,000. Complete the cost of goods manufactured schedule for the year. Calculate the gross profit and cost of goods sold for the firm if revenue was $600,000 for the year. You can upload an excel sheet with your answer.
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