12 maks The following data has been provided for Ruiz Manufa

.(12 maks) The following data has been provided for Ruiz Manufacturing (in millions of S) Beginning and ending inventories Sales Direct materials used Direct manufacturing labour Factory overhead Selling and administrative expenses Gross proft Net income $ o 690 150 310 110 43 Instructions: (Show your work to ensure full marks) Calculate the following amounts (12 marks): a) Cost of goods sold b) Total factory overhead costs c) Selling and administrative expenses d) Total product costs e) Total period costs f) Prime costs 8) Conversion costs h) Cost of goods manufactured

Solution

Sales $        690 Less: Cost of good sold Direct material $        150 Direct Labor $        310 Factory overhad $        120 $        580 Gross profit $        110 Less: Selling and administrative expenses $          67 Net Income $          43 a) Cost of goods sold $        580 b) Total factory overhead costs $        120 c) Selling and administrative expenses $          67 d) Total product costs (cost of goods sold) $        580 e) Total period costs (S&A) $          67 f) Prime Costs (direct material +direct labor) $        460 g) Conversion costs (Direct labor+ factory overhead) $        430 h) Cost of goods manufactured $        580