Precious Products Ltd Schedule of Cost of Goods Manufactured For the year ended xxxx Direct materials: Raw materials inventory, beginning……………

Precious Products Ltd Schedule of Cost of Goods Manufactured For the year ended xxxx Direct materials: Raw materials inventory, beginning……………. $ ______ Add: Purchases of raw materials ……………….. ______ Raw materials available for use …………………. ______ Deduct: Raw materials inventory, ending…….. ______ Raw materials used in production………………. $ ______ Direct labour……………………………………………. ______ Manufacturing overhead: Depreciation, factory ………………………………. ______ Insurance, factory ………………………………….. ______ Maintenance, factory ………………………………. ______ Utilities, factory……………………………………… ______ Supplies, factory ……………………………………. ______ Indirect labour ………………………………………. ______ Total overhead costs…………………………………. ______ Total manufacturing costs ………………………….. ______ Add: Work in process inventory, beginning…….. ______ ______ Deduct: Work in process inventory, ending…….. ______ Cost of goods manufactured……………………….. $ Transcribed Image Text: Precious Products Ltd
Schedule of Cost of Goods Manufactured
For the year ended xxxx
Direct materials:
Raw materials inventory, beginning.
Add: Purchases of raw materials
Raw materials available for use…
Deduct: Raw materials inventory, ending.
Raw materials used in production…
Direct labour.. .
$
Manufacturing overhead:
Depreciation, factory
Insurance, factory.
Maintenance, factory .
Utilities, factory…
Supplies, factory
Indirect labour …
Total overhead costs
Total manufacturing costs ..
Add: Work in process inventory, beginning…
Deduct: Work in process inventory, ending….
Cost of goods manufactured.
$4 Transcribed Image Text: The following information pertains to the most recent quarter at Precious Production Limited.
Purchases of raw materials
$ 360,000
Raw materials inventory, beginning
40,000
Raw materials inventory, ending
68,000
Depreciation, factory
168,000
Insurance, factory
20,000
Direct labour
240,000
Maintenance, factory
120,000
Administrative expenses
280,000
Sales
1,800,000
Utilities, factory
108,000
Supplies, factory
4,000
Selling expenses
320,000
Indirect labour
260,000
Work in process inventory, beginning
28,000
Work in process inventory, ending
120,000
Finished goods inventory, beginning
40,000
Finished goods inventory, ending
160,000

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