Question

In: Accounting

You are the accountant of Seton Enterprises Ltd. You have obtained the following data from the...

You are the accountant of Seton Enterprises Ltd. You have obtained the following data from the company’s accounting records for the year ended 30 June 2016:

Sales

1,200,300

Inventories at 1 July 2015:

Raw materials

75,600

Work in process

53,800

Finished goods

94,500

Inventories at 30 June 2016:

Raw materials

72,300

Work in process

51,400

Finished goods

97,200

Direct labor

114,000

Purchases of raw materials

324,000

Selling expenses

118,300

Factory overhead is applied at the rate of 240% of direct labor cost.

Required:

  1. Prepare the cost of goods manufactured statement for the year ended 30 June 2016.
  2. Show the presentation of the cost of sales calculation as it would appear on the company’s income statement for the year ended 30 June 2016.
  3. Calculate the company’s Gross profit for the year ended 30 June 2016.

Do not copy from Chegg, otherwise, I have to report the answer.

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