The owner of Manic Manufacturing, Joe Crazy, is considering selling his business. The potential buyer wants...

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The owner of Manic Manufacturing, Joe Crazy, is considering selling his business. The potential buyer wants to see the most recent months' financial statements. However, Joe Crazy has not done an accounting degree at UTS, and hence his finances are in a mess. Joe has called you in to help prepare them. He provides you with the following information for the month of January, which has just ended: Direct Materials Purchased Prime Costs Work in Process, 1st January Direct Materials, 1st January Finished Goods, 1st January Direct Materials, 31st January Work in Process, 31st January Overhead Application Rate Sales Revenues Sales Mark-up Selling and Administration Actual Overhead Incurred $ 3,200,000 $ 5,160,000 $ 328,000 $ 320,000 $ 250,000 $ 280,000 $ 140,000 60% of Direct Labour Incurred $10,012,500 50% on Full Production Cost $ 2,067,500 $ 1,122,000 Required For the financial period of 1st January to 31st of January, prepare the following statements for Manic Manufacturing: i) A cost of goods manufactured statement. ii) A cost of goods sold statement. iii) An income statement The owner of Manic Manufacturing, Joe Crazy, is considering selling his business. The potential buyer wants to see the most recent months' financial statements. However, Joe Crazy has not done an accounting degree at UTS, and hence his finances are in a mess. Joe has called you in to help prepare them. He provides you with the following information for the month of January, which has just ended: Direct Materials Purchased Prime Costs Work in Process, 1st January Direct Materials, 1st January Finished Goods, 1st January Direct Materials, 31st January Work in Process, 31st January Overhead Application Rate Sales Revenues Sales Mark-up Selling and Administration Actual Overhead Incurred $ 3,200,000 $ 5,160,000 $ 328,000 $ 320,000 $ 250,000 $ 280,000 $ 140,000 60% of Direct Labour Incurred $10,012,500 50% on Full Production Cost $ 2,067,500 $ 1,122,000 Required For the financial period of 1st January to 31st of January, prepare the following statements for Manic Manufacturing: i) A cost of goods manufactured statement. ii) A cost of goods sold statement. iii) An income statement

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Sure lets prepare the required statements for Manic Manufacturing i Cost of Goods Manufactured State... View the full answer