The following data pertains to the Minnie Mouse Chocolate Factory for the year ended March 31, 2020. Beginning direct materials inventory 30,000 Ending direct materials inventory 45,000 Beginning work-in-process inventory 65,000 Ending work-in-process inventory 75,000 Beginning finished goods inventory 98,500 Ending finished goods inventory 82,000 Direct Materials purchased 365,000 Indirect Material used in production 24,000 Factory supplies used 6,000 Depreciation on factory 90,000 Assembly-line labour cost 220,000 Factory security guard cost 64,000 Depreciation on production equipment 160,000 Selling Expenses 134,000 Administrative Expenses 52,000 Sales $1,450,867 Required: a. Prepare a Cost of Goods Sold Schedule that includes the Cost of Goods Manufactured Schedule. b. Prepare an income statement for year ended March 31, 2020. Please answer competely required a,b
The following data pertains to the Minnie Mouse Chocolate Factory for the year ended March 31, 2020.
Beginning direct materials inventory 30,000
Ending direct materials inventory 45,000
Beginning work-in-process inventory 65,000
Ending work-in-process inventory 75,000
Beginning finished goods inventory 98,500
Ending finished goods inventory 82,000
Direct Materials purchased 365,000
Indirect Material used in production 24,000
Factory supplies used 6,000
Assembly-line labour cost 220,000
Factory security guard cost 64,000
Depreciation on production equipment 160,000
Selling Expenses 134,000
Administrative Expenses 52,000
Sales $1,450,867
Required:
a. Prepare a Cost of Goods Sold Schedule that includes the Cost of Goods Manufactured Schedule.
b. Prepare an income statement for year ended March 31, 2020. Please answer competely required a,b
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