Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. victoria bikes inc. is a small manufacturing compa

Victoria Bikes Inc. is a small manufacturing company that makes bicycles. The company has 2...

60.1K

Verified Solution

Question

Accounting

Victoria Bikes Inc. is a small manufacturing company that makes bicycles. The company has 2 buildings, one building contains the factory where bicycles are produced, the other building is split between a retail shop where customers can come in to purchase bikes and the administrative offices. The following costs were incurred for the year ended June 30, 2023: Direct labour 135,000 Indirect labour 50,000 Raw material purchases 140,000 Maintenance, factory equipment 6,500 Advertising expense 18,000 Insurance, factory equipment 1,500 Sales staff salaries 70,000 Rent, factory faciliites 24,000 Rent, retail store 12,000 Supplies, factory 5,000 Depreciation, office equipment 2,500 Depreciation, factory equipment 4,000 Additionally, the company had the following inventory balances at the beginning and end of the fiscal year: Inventories Beginning Ending Raw materials 10,000 8,000 Work in process 7,000 12,500 Finished goods 9,000 20,500

1. Prepare a Schedule of Cost of Goods Manufactured for the year ended June 30, 2023

2. Calculate the cost of goods sold for the year ended June 30, 2023.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Delsing Canning Company is considering an expansion of its facilities. Its current income statement is as...

General Management
1.2K views

The increasing number of competitors, which leads to the decline in the business profits of ABC Restaurant,...

Biology
1.2K views

wer the BMR except Starvation Malnutrition O Age Smoking

Physics
1.2K views

The wedge with hemi spherical cut of radius R has mass 5m It is placed...

Basic Math
1.2K views

At noon, to begin a study, a petri dish had 1800 bacteria cells. Each hour...

Accounting
1.2K views

just need these posted to adjust trial balance, only infomation given is in pictures...

Accounting
1.2K views

The stockholders equity section of The Seventies Shop is presented here. THE SEVENTIES...

Accounting
1.2K views

Next let's estimate the capital cost of the solar system in dollars per kilowatt. Use...

Accounting
1.2K views

P 14-10 P LO4 LO 5 LO6 Unifying Concepts: Analysis of Operating, Investing, and Financing...

Accounting
1.2K views

A bottled water distributor wants to estimate the amount of water contained in 1-gallon bottles...

Accounting
1.2K views

Garden Depot is a retailer that provided the following budgeted cash flows for next year:...

Finance
1.2K views

You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology...