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Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide....

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Accounting

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Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory Direct labour Manufacturing overhead Beginning work in process inventory Ending work in process inventory Purchase of production equipment Rent for production facility 58,500 29, 250 47,650 35,950 6,700 185,000 11,550 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month (Do not leave any empty spaces; input a wherever it is required.) CLASSIC SOUND Schedule of Cost of Goods Manufactured For the Quarter Ended ook Direct materials: Beginning raw materials inventory $ 0 Add: Purchases of raw materials 58,500 Raw materials available for use 58,500 Deduct: Ending raw materials inventory 20,000 Raw materials used in production Manufacturing overhead Oirect labour Total manufacturing costs $ 38,500 35,950 47,650 122,100

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