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