During the year of 2019, XYZ Company had the following financial information: Work in process (beginning)...

During the year of 2019, XYZ Company had the following financial information:

Work in process (beginning) $1,080

Work in process (ending) 950

Finished Goods (beginning) 0

Finished Goods (ending) 100

Sales 2,000

Raw Materials used 500

Labour (note 1) 200

Production facility Rent 400

Utilities (note 2) 100

Advertising 200

Note 1: 75% of Labour costs are Direct Labour and the remaining costs are indirect manufacturing

Labour Note 2: 80% of Utilities are product costs

Note 3: At the end of the year, the Overhead account had a $40 credit balance

Note 4: The company applies all under/over allocated overhead to COGS

Note 5: Overhead is allocated on the basis of direct labour costs

Required: a. Prepare a Statement of Cost of Goods Manufactured

b. Prepare an Income Statement that includes Cost of Goods Sold

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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