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The following information is from Marchant Manufacturing Co. forSeptember. You are required to prepare the;...

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Accounting

The following information is from Marchant Manufacturing Co. forSeptember.

You are required to prepare the;

a. Compute the Cost of Goods Sold.

b. Compute the balance in Finished Goods Inventory at September 30.

c. Compute the balance in Work in Process Inventory at September 30.

d. Compute the balance in Raw Materials Inventory at September 30.

e. Compute the total manufacturing overhead.

Direct materials used in production

$95,000

Direct labour

$67,000

Total manufacturing cost

$234,000

Raw materials inventory, Sept. 1

$24,000

Work in process inventory, Sept. 1

$6,000

Finished goods inventory, Sept. 1

$101,000

Purchases of raw materials

$102,000

Cost of goods manufactured

$233,000

Administrative expense

$41,000

Selling expense

$56,000

Sales

$344,000

Gross margin

$127,000

Net income

$30,000

(Hints:i-The easiest method of solving this problem is toprepare asketchthe income statement

and theschedule of cost of goods manufactured, enter the given amounts, and then enter the

unknownsasmissing (difference)figures.

ii- You should use the COGS format /templates sent to youalready)

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