Green Foods Manufacturing Company (Green) provided the following details about operations in the year 2022....
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Accounting
Green Foods Manufacturing Company (Green) provided the following details about operations in the year 2022.
Purchase of raw materials $ 130,000
Maintenance, factory 37,000
Direct labour 32,500
Depreciation, factory equipment 55,000
Indirect materials, factory 3,000
Selling and administrative salaries 42,500
Utilities, factory 26,000
Sales commissions 17,500
Insurance, factory equipment 4,000
Depreciation, sales equipment 20,000
Advertising expenses 107,500
Rent, factory building ?
The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:
Beginning of the year End of the year
Raw materials $25,000 ?
Work in process 24,000 ?
Finished goods 15,000 ?
Raw materials used in production cost $135,000, total overhead costs for the year were $170,000, the goods available for sale totalled $360,000 and the cost of goods sold totalled $317,500
Prepare a schedule of cost of goods manufactured and the cost of goods sold section of the companys income statement for the year
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