Schedule of Cost of Goods Manufactured
Hello having trouble figuring out a account problem would appreciate any help here it is:
The following information is taken from the records of Smith Company for April
Purchases:
Direct Material: 9000000
Indirect Materials: 200000
Office supplies: 420000
Sales 36000000
Salaries and benefits:
Selling and admin exp: 4000000
Direct MFG labor: 6000000
Rent* :4000000
Utilities: 1200000
Advertising: 700000
Inventories: April 1 April 31
Direct Materials 4400000 1600000
Office Supplies 150000 180000
Finished goods 24000000 16000000
* Of these aka RENT ABOVE 60 percent are assigned to MGF and 40 pecent to selling and admin
Required:
a) Prepare a schedule of cost of goods MFG
b) Prepare an income statement