1. Cost of GoodsProblem-09 (cost of goods manufactured statement)Yhe following data are from the accounts of Keya Shop Company:July 1, 2009June 30, 2010Tk.28,000InventoriesFinished goodsWork in processTk.20,00060.00036.00040,00048.000MaterialsTk.8.000Sales discounts.3.200Purchase discounts.1,800.000Sales....20.000Purchase returns and allowances...160,000Depreciation, factory machinery.Factory insurance.Freight out...Other factory expenses.Bond interest expense.50,0008.00016.00050.000Sales salaries..100.00012.000Freight in..Direct factory labor..Materials purchases..Advertising expense..800.000400.00012,000Required: Prepáre a cost of goods manufactured statement for the year ended June 30, 2010.Solution-09Keya Shop CompanyCost of Goods Manufactured StatementFor the Year Ended June 30, 2010Tk.Tk.Tk.Direct Materials:40.000Raw Materials. July 1, 2009400.000PurchasesLess: Purchase discounts...Purchase returns and allowances..20,000„Tk.3,20023.200376,800

Cost of goods sold refers to a statement or schedule which shows the total production costs for a…

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Business

Accounting

Required: Prepare a cost of goods manufactured statement for the year ended June 30, 2010.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Question

1. Cost of Goods
Problem-09 (cost of goods manufactured statement)
Yhe following data are from the accounts of Keya Shop Company:
July 1, 2009
June 30, 2010
Tk.28,000
Inventories
Finished goods
Work in process
Tk.20,000
60.000
36.000
40,000
48.000
Materials
Tk.8.000
Sales discounts.
3.200
Purchase discounts.
1,800.000
Sales....
20.000
Purchase returns and allowances...
160,000
Depreciation, factory machinery.
Factory insurance.
Freight out...
Other factory expenses.
Bond interest expense.
50,000
8.000
16.000
50.000
Sales salaries..
100.000
12.000
Freight in..
Direct factory labor..
Materials purchases..
Advertising expense..
800.000
400.000
12,000
Required: Prepáre a cost of goods manufactured statement for the year ended June 30, 2010.
Solution-09
Keya Shop Company
Cost of Goods Manufactured Statement
For the Year Ended June 30, 2010
Tk.
Tk.
Tk.
Direct Materials:
40.000
Raw Materials. July 1, 2009
400.000
Purchases
Less: Purchase discounts...
Purchase returns and allowances..20,000
„Tk.3,200
23.200
376,800

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