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"EXERCISE 2-10Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold...

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Accounting

"EXERCISE 2-10Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold [9 L01,9 LO3,2L041The following details are from the accounting records of Gulf Shore Limited for the year ended April 30:"Costs IncurredDirect labour $70,000.00 Raw material purchases $118,000.00 Indirect labour $30,000.00 Maintenance, factory equipment $6,000.00 Advertising expense $90,000.00 Insurance, factory equipment $800.00 Sales staff salaries $50,000.00 Rent, factory facilities $20,000.00 Supplies, factory $4,200.00 Depreciation, office equipment $300.00 Depreciation, factory equipment $19,000.00 Beginning of yearend of yearInventoriesRaw materials $7,000.00 $15,000.00 Work in process $10,000.00 $5,000.00 Finished goods $20,000.00 $35,000.00 "Required:1. Prepare a schedule of cost of goods manufactured for the year ended April 30.2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30.3. Why does the cost of goods manufactured differ from cost of goods sold?"

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