Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. Inventory 1/7/2020 30/6/2021 Raw Materials $230,000 $35,000 Work in Progress $348,300 $632,900 $260,000 $24,000 $203,300 $485,000 Factory Supplies Finished Goods Other information: Sales Revenue $5,731,000 64,000 Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities 1 792,000 560,000 37,000 186,000 481,250 Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost 450,000 26,000 42,000
Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. Inventory 1/7/2020 30/6/2021 Raw Materials $230,000 $35,000 Work in Progress $348,300 $632,900 $260,000 $24,000 $203,300 $485,000 Factory Supplies Finished Goods Other information: Sales Revenue $5,731,000 64,000 Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities 1 792,000 560,000 37,000 186,000 481,250 Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost 450,000 26,000 42,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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d) Determine the prime cost & conversion cost of the masks manufactured.
e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total
f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing
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