You have been approached by the President of Socks Manufacturing Limited to assist them in completing

their financial statements for the year ended December $31,2023.$ Their managerial accountant fell ill before

completing the schedule of cost of goods manufactured & they are unable to complete the financial statements

without this schedule.

You have been provided with the following information:

Direct materials purchased $158,900$

Raw materials inventory, Jan. $1,20236,500$

Raw Materials inventory, Dec. $31,20237,900$

Sales $926,000$

Depreciation, factory $10,750$

Property tax, factory $9,800$

Work in process, Jan. $1,202315,000$

Work in process, Dec. $31,202314,500$

Administrative expense $22,550$

Selling expense $19,500$

Indirect labour, factory $56,000$

Administrative salaries $80,900$

Insurance expense, admin & selling offices $9,600$

Utilities, factory $12,600$

Indirect materials $31,450$

Finished goods inventory, Jan. $1,202330,000$

Finished goods inventory, Dec. $31,202333,600$

Advertising expense $46,000$

Sales salaries $50,000$

Direct labour $149,000$

Required:

$1.$ Complete the cost of goods manufactured schedule

$2.$ Complete the income statement for the year ended December $31,2023$

$3.$ Assuming the company produced $50,000$ units during the year, what is the average cost

per unit for direct materials?

$4.$ Assume the company expects to produce $75,000$ units in $2024.$ What is the total cost of direct materials

you would expect?

$5.$ Assume the company expects to produce $75,000$ units in $2024.$ What is the total cost of administrative

salaries you would expect?

Under no circumstances may the value of an assignment be moved to the exam. Students will

receive a grade of $0\%$ if the assignment is not submitted as required. Students must NOT have the

assignment prepared for them by friends, acquaintances, family or tutors as this is a form of

academic dishonesty