Question: Please do it on excel, so I could see the formulas used and learn. Thanks :) QUESTION ONE BlueScope Steel Limited, an Australian flat product


Please do it on excel, so I could see the formulas used and learn. Thanks :)
QUESTION ONE BlueScope Steel Limited, an Australian flat product steel producer, closes its books and prepares financial statements at the end of each month. The statement of cost of goods sold for September follows: Blue Scope Steel Limited Statement of Cost of Goods Sold For the Month Ended September 30 Beginning Finished Goods Inventory $ Cost of goods manufactured Cost of goods available for sale Less: Ending Finished Goods Inventory Cost of goods sold 50,000 790,000 840,000 247,000 593,000 Additional Information: Of the utilities, 80 percent relates to manufacturing the steel; the remaining 20 percent relates to the sales and administrative function. All rent is for the office building. Property taxes are assessed on the manufacturing plant. Of the insurance, 60 percent is related to manufacturing the steel, the remaining 40 percent is related to the sales and administrative functions. The company manufactured 7,825 tons of steel during September. The inventory balances at October 31, follow: Materials inventory Work-in-Process Inventory Finished goods Inventory 23,000 220,000 175,000 on BlueScope is subject to 30% company tax. BlueScope Steel Limited Pre-closing Account Balances October 31. Cash and Marketable securities Accounts and notes receivable Property, plant, and equipment (net) Accounts, notes, and taxes payable Bonds Payable Paid-in capital Retained earnings Sales Cost of goods sold Purchases of direct materials Total Manufacturing Cost Direct Labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Office supplies expense 54,000 210,000 1,140,000 70,000 582,000 100,000 930,000 1,488,000 1,112,000 510,000 1,100,000 260,000 90,000 122,000 42,000 135,000 9,000 60,000 20,000 54,000 6,000 REQUIRED: A. B. Prepare a Schedule of Cost of Goods Manufactured for October. Prepare a Schedule of Cost of Goods Sold for October. Prepare an Income Statement for the month of October. C
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
