Question create an income statement and a Schedule of Cost of Goods Manufactured [in good form]...

 

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Question create an income statement and a Schedule of Cost of Goods Manufactured [in good form] with the numbers provided. Total Food Results for the year ended August 31, 2020 Revenue Discount Cosmetic $12,000,000 $22,000,000 34,000,00 (1,200,000) (2,200,000) (3,400,000) $10,800,000 $19,800,000 $30,6O0,000 7,50 $2,00 Net Revenue 7,899,802 15,377,198 23,277,000 5,000 Materials purchased Accounting and legal Utility Costs- Head Office Utility Costs-Production Administrative salaries 30,000 240,000 76,000 760,000 80,000 Inspection Costs Factory Insurance Sales commissions 340,000 100,000 Interest on business credit line (Omar, Anna, Ted $120,000 each) 360,000 Management salaries Property Taxes- Head Office Factory Building Amortization Office supplies, Courier and Postage Annual Business Licenses and Fees 6,500 412,000 7,760 2,500 Warranty Program Costs Amortization Expense- Fabrication Equipment 500,000 650,000 Amortization Expense- Office Equipment 12,000 Business Liability Insurance 10,000 Telephone Costs- Factory Telephone Costs- Head Office Anna's House Rent 3,000 6,000 $15,000 Labour- Assembly workers 2,000,000 3,500,000 5,500,000 Labour- Production supervisors Total Expenses 600,000 32,992,760 Net Income (Loss) ($2,392,760) Current Year End Balances Cosmetic $1,500,000 $3,000,000 $4,500,000 1,000,000 3,000,000 4,000,000 3,000,000 6,000,000 Food Total Raw Materials Costs- Machines unfinished at year end Costs- Machines complete but not sold Last Year End Balances Raw Materials 9,000,000 1,000,000 2,000,000 3,000,000 A C 7,500,000 2,500,000 $500,000 $1,500,000 $2,000,000 5,000,000 Costs- Machines unfinished at year end Costs- Machines complete but not sold Question create an income statement and a Schedule of Cost of Goods Manufactured [in good form] with the numbers provided. Total Food Results for the year ended August 31, 2020 Revenue Discount Cosmetic $12,000,000 $22,000,000 34,000,00 (1,200,000) (2,200,000) (3,400,000) $10,800,000 $19,800,000 $30,6O0,000 7,50 $2,00 Net Revenue 7,899,802 15,377,198 23,277,000 5,000 Materials purchased Accounting and legal Utility Costs- Head Office Utility Costs-Production Administrative salaries 30,000 240,000 76,000 760,000 80,000 Inspection Costs Factory Insurance Sales commissions 340,000 100,000 Interest on business credit line (Omar, Anna, Ted $120,000 each) 360,000 Management salaries Property Taxes- Head Office Factory Building Amortization Office supplies, Courier and Postage Annual Business Licenses and Fees 6,500 412,000 7,760 2,500 Warranty Program Costs Amortization Expense- Fabrication Equipment 500,000 650,000 Amortization Expense- Office Equipment 12,000 Business Liability Insurance 10,000 Telephone Costs- Factory Telephone Costs- Head Office Anna's House Rent 3,000 6,000 $15,000 Labour- Assembly workers 2,000,000 3,500,000 5,500,000 Labour- Production supervisors Total Expenses 600,000 32,992,760 Net Income (Loss) ($2,392,760) Current Year End Balances Cosmetic $1,500,000 $3,000,000 $4,500,000 1,000,000 3,000,000 4,000,000 3,000,000 6,000,000 Food Total Raw Materials Costs- Machines unfinished at year end Costs- Machines complete but not sold Last Year End Balances Raw Materials 9,000,000 1,000,000 2,000,000 3,000,000 A C 7,500,000 2,500,000 $500,000 $1,500,000 $2,000,000 5,000,000 Costs- Machines unfinished at year end Costs- Machines complete but not sold

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Schedule of cost of goods manufactured Raw materialslast year end balance 3000000 Add Materials purc... View the full answer