Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for the year ended 30 June 2019 Factory overhead is applied at the rate of 240 of direct labour cost Required (a) Prepare a cost of goods manufactured statement for the year end...

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Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for

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Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2019.

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Factory overhead is applied at the rate of 240% of direct labour cost.
Required

(a) Prepare a cost of goods manufactured statement for the year ended 30 June 2019.

(b) What was the company’s cost of sales for the year ended 30 June 2019?

(c) What was the company’s gross profit for the year ended 30 June 2019?

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Accounting

ISBN: 9780730363224

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie

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Question Posted: Mar 20, 2024 06:17 AM

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Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for

Question:

Sales Inventories at 1 July 2018: Raw materials Work in process Finished goods Inventories at 30 June 2019: Raw materials Work in process Finished goods Direct labour Purchases of raw materials Selling expenses $1200 300 75600 53 800 94 500 72300 51 400 97 200 114000 324000 118300

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Accounting

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