Question: Question 1 (10 marks) On 30 June 2013 ABC Ltd showed following actual costs for the financial year just ended: Direct material used $450 000

Question 1 (10 marks) On 30 June 2013 ABC Ltd showed following actual costs for the financial year just ended: Direct material used $450 000

Direct labour 200 000

Manufacturing overhead 400 000 The companys planned overhead rate is 150% of direct labour cost. The balances of inventory on 1 July 2012 were as follows: Raw material $50 000

Work in process 65 000

Finished goods 71 000 Each of those inventory balances was 10% lower on 30 June 2013. Required: (a) Prepare a Schedule of Cost of Goods Manufactured for the financial year; (5 marks) (b) Calculate the Cost of Goods Sold for the financial year. (5 marks)

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