Listed below are account balances from Brown Limited for the year ended Decembe 31, 2020: Sales...

 

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Listed below are account balances from Brown Limited for the year ended Decembe 31, 2020: Sales Purchases of raw materials Labour Utilities Indirect materials Maintenance Supervision Factory Other administrative expenses Selling expenses Inventory balances were as follows: Raw materials inventory, beginning Raw materials inventory, ending Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $2,125,000 $525,000 $600,000 $120,000 $ 28,000 $140,000 $75,000 $175,000 $240,000 $ 48,000 $ 53,000 $140,000 $ 90,000 $196,000 $183,000 Additional Information: 1. The labour is 70% direct, 2% indirect with the remainder being administrative. 2. Utilities and maintenance are 75% related to the factory. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Assuming 26,000 units of finished goods were completed in the year, what is average product cost of each? Listed below are account balances from Brown Limited for the year ended Decembe 31, 2020: Sales Purchases of raw materials Labour Utilities Indirect materials Maintenance Supervision Factory Other administrative expenses Selling expenses Inventory balances were as follows: Raw materials inventory, beginning Raw materials inventory, ending Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $2,125,000 $525,000 $600,000 $120,000 $ 28,000 $140,000 $75,000 $175,000 $240,000 $ 48,000 $ 53,000 $140,000 $ 90,000 $196,000 $183,000 Additional Information: 1. The labour is 70% direct, 2% indirect with the remainder being administrative. 2. Utilities and maintenance are 75% related to the factory. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Assuming 26,000 units of finished goods were completed in the year, what is average product cost of each?

Answer rating: 100% (QA)

Schedule of cost of goods manufactured Direct materials Begi... View the full answer