Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for
Question:
Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2025.
Required
(a) Prepare a cost of goods manufactured statement for the year ended 30 June 2025.
(b) What is the company’s cost of sales for the year ended 30 June 2025?
(c) What was the company’s gross profit for the year ended 30 June 2025?
Transcribed Image Text:
Sales Inventories at 1 July 2024: Raw materials Work in process Finished goods Inventories at 30 June 2025: Raw materials Work in process Finished goods Direct labour Purchases of raw materials Selling expenses $2 400 600 151 200 107 600 189 000 144 600 102 800 194 400 228 000 648 000 236 600 Factory overhead is applied at the rate of 240% of direct labour cost.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
Question Posted:
Students also viewed these Business questions
-
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...
-
Smart Manufacturing Systems Pty Ltds accountant recently prepared the following data from the companys accounting records for the year ended 30 June 2016: Sales Inventories at 1 July 2015: Raw...
-
The income statement below for Simons Tools was prepared by the accountant from the accounting records at 30 June 2026. This statement showed a significant improvement over the preceding year when...
-
The Electronic Industries Association reports that about 50% of U.S. households have a camcorder. For a randomly selected sample of 800 U.S. households, use the normal approximation to the binomial...
-
Duval Manufacturing recently reported the following information: Net income......................................$ 600,000 ROA.....................................................8% Interest...
-
The budget director for Lenoir Window Cleaning Services prepared the following list of expected operating expenses. All expenses requiring cash payments are paid for in the month incurred except...
-
As part of an \(\mathrm{NH}_{3}\)-product life cycle assessment, consider the alternative of converting ammonia to urea by reaction with \(\mathrm{CO}_{2}\) as a vehicle for curbing the release of...
-
Rosario Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. On June 1, Rosario sold 26 units, and on August 27, 40 more units. Prepare the...
-
What are three resource management tools that facilitate family decision making? Discuss how to structure a successful performance appraisal interview?
-
During the year ended 30 June 2025, Smart Chips Pty Ltd incurred the following costs in connection with its production activities. Required (a) Calculate the relationship between factory overhead...
-
Precision Balls Ltd produces and sells high-quality lawn bowls sets. Each set of balls is contained in a wooden carrying case, which is purchased from an outside supplier. The wooden cases are held...
-
The bookkeeper of Saturn Landscaping prepared the companys balance sheet while the accountant was ill. The balance sheet, shown on the next page, contains numerous errors. In particular, the...
-
https://www.youtube.com/watch?v=jfdBIRk-O7E&t=63s https://www.youtube.com/watch?v=hI1Xejz5YnU Strategies for Effective and Useful Performance Evaluation Strategy Description Video #1 - A Poor Example...
-
A senior member of your lab isolated and sequenced insulin from different organisms. Of these she observed that human and duck insulin have homologous sequences except for 6 amino acids in the...
-
Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3 , 0 7 0 , receivables ( net ) $ 1 0 , 1 8 0 , raw materials $ 9 4 0 , and prepaid expenses $ 2 3 0 ....
-
Add the following numbers in the order given to hash table size 7. 16-12-25-15-2 The function is %5; the second function is +3. A. B. 25 O E. 2 0 2 0 16 0 1 25 16 12 O C. The correct hash table is...
-
A J Unit tester is supplied, and requires modifications to work (Found below) Everything has been provided Implement an ADT (specifically a resizable array and Linked List based implementation of...
-
Water flowing in a line at 60 lbf/in.2 saturated vapor is taken out through a valve to 14.7 lbf/in2, what is the temperature as it leaves the valve assuming no changes in kinetic energy and no heat...
-
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
-
The American Psychological Association defines resilience as "the process of adapting well in the face of adversity, trauma, tragedy, threats, or even significant sources of stress". Studies have...
-
1.Find the total monthlypayment, including taxes and insurance. Mortgage : 89,400 Interest Rate : 3.5 % Term of Loan : 15 years Annual Taxes : 906 Annual Insurance : 333 The total monthly payment is?...
-
Do it task on the topic how to stop terrorism financing give introduction and why select this topic? also choose the industry or company related to this topic give introduction and why choose this...
Study smarter with the SolutionInn App