Prepare a statement of Cost of Goods Manufactured for the year ended 30th June, and Income Statement
Question:
Prepare a statement of Cost of Goods Manufactured for the year ended 30th June, and
- Income Statement for John's Ltd. for the year ended 30thJune 2017.
John's Ltd accounting department provided following financial information:
Depreciation Expense - Factory Equipment
$90,000
Direct Labour
$1,284,000
Raw Material Inventory (1st July, 2016)
$183,000
Raw Material Inventory (30th June, 2017)
$186,000
Factory Rent
$152,820
Finished Goods (1st July, 2016)
$264,000
Finished Goods (30th June, 2017)
$345,000
Indirect Labour
$75,000
Indirect Materials
$52,500
Sales Revenue
$6,751,500
Administration Expenses
$600,000
Selling & Distribution Expenses
$1,200,000
Purchase of Raw Material
$1,200,360
Freight In
$90,000
Work in Process (1st July, 2016)
$60,600
Work in Process (30th June, 2017)
$57,330
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy