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Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold
The following cost and inventory data for the year just completed are taken from the accounting records of Eccles Company:
Costs incurred:
Advertising expense ...........................$100,000
Direct labour cost ..................................$80,000
Purchases of raw materials ................$137,000
Rent, factory building ............................$80,000
Indirect labour .......................................$56,300
Sales commissions................................$35,000
Utilities, factory ........................................$9,000
Maintenance, factory equipment ...........$24,000
Supplies, factory ........................................ $700
Depreciation, office equipment.................$8,000
Depreciation, factory equipment ............$40,000
Beginning End
of Year of Year
Inventories:
Raw materials ...................... $10,000 $8,000
Work in process ..................... $20,000 $5,000
Finished goods ..................... $25,000 $70,000
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold section of Eccles Company's income statement for the year.
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