Question

The following information was taken from the accounting records of Mitchell Company for last year:
Management wants to organize these data into a better format so that financial statements can be prepared for the year.
Required:
1. Prepare a schedule of cost of goods manufactured as in Exhibit 2–4.
2. Compute the cost of goods sold.
3. Using data as needed from (1) and (2) above, prepare an income statement.
4. Assuming production of finished and semi-finished goods amounted to 412,500 units for the past year calculate the cost components of the ending finished goods inventory of 55,176 units.


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  • CreatedJuly 08, 2015
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