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Assignment about Cost of Goods Manufactured Statement

This quiz will assess your knowledge of key content areas (Week 1 & 2 content) and to identify further support needs.

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Added on  2022-09-26

Assignment about Cost of Goods Manufactured Statement

This quiz will assess your knowledge of key content areas (Week 1 & 2 content) and to identify further support needs.

   Added on 2022-09-26

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Running head: ASSESSMENT 3
Assessment 3
Name of the Student
Name of the University
Author Note
Assignment about Cost of Goods Manufactured Statement_1
ASSESSMENT 31
Table of Contents
Answer to Question 1......................................................................................................................2
a. Cost of Goods Manufactured Statement...............................................................................2
b. Cost of Goods Sold Statement..............................................................................................3
c. Income Statement.................................................................................................................4
Analysis........................................................................................................................................5
Answer to Question 2......................................................................................................................8
References..................................................................................................................................12
Assignment about Cost of Goods Manufactured Statement_2
ASSESSMENT 32
Answer to Question 1
a. Cost of Goods Manufactured Statement
Particulars Amount
($)
Amount
($)
Direct Materials Used
Opening Raw materials 1000000
Add: Cost of raw materials purchased 10506000
Total raw materials available 11506000
Less: Ending raw materials inventory (875500)
Total raw materials used 22136500
Direct Labour 5698750
Manufacturing Overheads
Depreciation - Manufacturing plant 281000
Depreciation - Fork Lifts 78500
Insurance - Factory Equipment 175000
Heat, Light and Power - Factory 1040950
Repair and maintenance of plant 187000
Other Manufacturing Costs 123670
Production supervision salaries 475000
Indirect Labour 1937980
Rent 247500
Assignment about Cost of Goods Manufactured Statement_3
ASSESSMENT 33
Total Manufacturing Overheads 4546600
Add: Beginning work-in-progress
inventory
Material 75000
Labour 52000
Manufacturing Overheads 27000
4700600
Less: Ending work-in-progress inventory
Material (72500)
Labour (47500)
Manufacturing Overheads (23500)
Cost of Goods Manufactured 4557100
b. Cost of Goods Sold Statement
Particulars Amount Amount
Direct Goods Sold
Finished Goods at the beginning of the
year
1250000
Cost of Goods manufactured 4557100
Total Goods available for sale 5807100
Ending finished goods inventory (1275000)
Assignment about Cost of Goods Manufactured Statement_4

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