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:

Prepare the cost of goods manufactured statement for the year ended 30 June 2016.
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.
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.

Expert Solution

ekkarill92 answered 2 years ago

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