Shangri-La Manufacturing Limited Company has the following data for the month of March 2019. Direct...
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Accounting
Shangri-La Manufacturing Limited Company has the following data for the month of
March 2019.
Direct labour cost $ 14,000 (140% of F.O.H)
Cost of goods sold $ 56,000
Inventory accounts showed these opening and closing balances:
March 1st March 31st
Raw Material $ 8,000 $ 8,600
W.I.P $ 8,000 $ 12,000
Finished goods $ 14,000 $ 18,000
Marketing expenditure $ 3,200, General and Administrative Expenditure $2,400, Sales
$75,000.
Required: Prepare Income statement with supporting schedule showing the cost of goods
manufactured and sold statement.
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