The following data refer to Sydney Manufacturing Pty Ltd for the current year. Sales revenue $2,546,000 Raw
Question:
The following data refer to Sydney Manufacturing Pty Ltd for the current year.
Sales revenue $2,546,000
Raw materialsl inventory, 1 January 106800
Purchase of raw materia 877,200
l Raw material inventory, 31 December 70,800
Direct labour cost incurred 568,800
Selling and administrative expense 322,800
Indirect Labour cost incurred 180,000
Council rates 108,000
Depreciation on factory building 150,000
Income tax expense 30,000
Indirect material used 54,000
Depreciation on factory equipment 72,000
Insurance on factory and equipment 48,000
Electricity for factory 84,000
Work in Process inventory, 1 January 0
Work in Process inventory, 31 December 48000
Finished goods inventory, 1 January 42000
Finished goods inventory, 31 December 48000
Required
what is the relationship between the schedule of cost goods manufactured and cost of golds sold in Sydney Manufacturing Pty ltd?
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton