The following information pertains to the most recent quarter that ended on December 31, 2022, at Akon
Question:
The following information pertains to the most recent quarter that ended on December 31, 2022, at Akon Limited.
Purchases of raw materials |
|
378,000 |
Raw materials inventory, beginning |
| 44,800 |
Raw materials inventory, ending |
| 74,000 |
Depreciation, factory |
| 198,000 |
Insurance, factory |
| 21,200 |
Direct labour |
| 248,400 |
Maintenance, factory |
| 124,800 |
Administrative expenses |
| 289,600 |
Sales | 2,088,000 | |
Utilities, factory | 114,000 | |
Supplies, factory | 4,120 | |
Selling expenses | 330,800 | |
Indirect labor | 268,400 | |
Work in process inventory, beginning | 28,600 | |
Work in process inventory, ending | 122,400 | |
Finished goods inventory, beginning | 41,800 |
Finished goods inventory, ending | 167,200 |
Requirement 1:
Prepare schedule of the cost of goods manufactured for the quarter that ended Dec 31, 2022.
Requirement 2:
Prepare income statement for the quarter that ended Dec 31, 2022.
Managerial Accounting
ISBN: 9781259275814
11th Canadian Edition
Authors: Ray H Garrison, Alan Webb, Theresa Libby