Homework SoursePlease answer this question and explain how you solved it th
Please answer this question and explain how you solved it, thank you!
Chrome File Edit View History Bookmarks People Window Help M inbox (172) . nacolom boew -My Grades-BMG 140: Intro C BAG 1 1 1 Winter 2018 DL sc a Learning Urits-ACC 122. × x x CSecure https://mybusinesscourse.com/platform/mod/quizjattempt.php?attempt 1579755 BusinessCo urse E Menu Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: Materials inventory, January 1 Materials inventory, December 31 Work in process inventory, January 1 25.000 15,000 30,000 Work in process inventory, December 3141,000 51,000 Finished goods inventory. December 31 36.000 Net delivered cost of materials purchased 125.000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 Non-factory administrative expenses (hotal 58.000 Finished goods inventory, January 1 Direct labor Indirect labor Factory supplies used Factory depreciation Factory repairs and maincenance Seling expenses total Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31 2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers Lederman Manufacturing Cerporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2016 Direct material Beginning macerials inventory Solution
Please comment in case of any clarification required.
| particulars | Amt.$ | ||
| Direct Material : Material consumed | |||
| Beginning material inventory | 25000 | ||
| add | cost of material purcahsed | 125000 | |
| Material available for consumption | 150000 | ||
| less | Closing stock of material | 15000 | |
| Material consumed | 135000 | ||
| Direct labour | 148000 | ||
| Prime Cost | 283000 | ||
| Add | Factory overheads | ||
| Indirect Material: | 12000 | ||
| Indirect Labour | 37000 | ||
| Factory supplies used | 10000 | ||
| Factory Depriciation | 65000 | ||
| Factory repair & Maintinance | 21000 | ||
| Factory cost Gross | 428000 | ||
| add | WIP opening | 30000 | |
| less | WIP Closing | 41000 | |
| Works or Factory cost Net/total manufacturing cost | 417000 | ||
| Office and administrative overheads | 58000 | ||
| Cost of production | 475000 | ||
| add | opening stock of Finished Goods | 51000 | |
| less | Closing stock of Finished goods | 36000 | |
| Cost of goods sold | 490000 | ||
| add | selling expense | 62000 | |
| Cost of sales | 552000 |
