Simply Sweets has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cookies. Baker's salary 3,000 Finished goods inventory, beginning 1,000 Finished goods inventory, ending 3,000 General & administrative expenses 3,500 Indirect materials 500 Production Supervisor, Salary 4,000 Purchases of raw materials 11,000 Raw materials inventory, ending 2,000 Raw materials inventory, beginning 1,000 Rent on production factory 2,000 Rent, retail store 1,000 Sales 40,000 Utilities on production factory 500 Utilities, retail store 500 Wages, retail staff 3,000 WIP inventory, beginning 2,500 WIP inventory, ending 4,500 Required: Prepare a schedule of cost of goods manufactured in good format Calculate the cost of goods sold
Simply Sweets has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cookies. Baker's salary 3,000 Finished goods inventory, beginning 1,000 Finished goods inventory, ending 3,000 General & administrative expenses 3,500 Indirect materials 500 Production Supervisor, Salary 4,000 Purchases of raw materials 11,000 Raw materials inventory, ending 2,000 Raw materials inventory, beginning 1,000 Rent on production factory 2,000 Rent, retail store 1,000 Sales 40,000 Utilities on production factory 500 Utilities, retail store 500 Wages, retail staff 3,000 WIP inventory, beginning 2,500 WIP inventory, ending 4,500 Required: Prepare a schedule of cost of goods manufactured in good format Calculate the cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Simply Sweets has provided the following relating to the most recent month (August 31, 2020) of operations, for their main product, cookies.
|
Baker's salary |
3,000 |
|
Finished goods inventory, beginning |
1,000 |
|
Finished goods inventory, ending |
3,000 |
|
General & administrative expenses |
3,500 |
|
Indirect materials |
500 |
|
Production Supervisor, Salary |
4,000 |
|
Purchases of raw materials |
11,000 |
|
Raw materials inventory, ending |
2,000 |
|
Raw materials inventory, beginning |
1,000 |
|
Rent on production factory |
2,000 |
|
Rent, retail store |
1,000 |
|
Sales |
40,000 |
|
Utilities on production factory |
500 |
|
Utilities, retail store |
500 |
|
Wages, retail staff |
3,000 |
|
WIP inventory, beginning |
2,500 |
|
WIP inventory, ending |
4,500 |
Required:
- Prepare a schedule of cost of goods manufactured in good format
- Calculate the cost of goods sold
- Do not give answer in image
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