Sheffield Company has accumulated the following budget data for the year 2022: 1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022
Sheffield Company has accumulated the following budget data for the year 2022: 1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 4. Raw materials cost: $5 per kilogram 5. Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 1P: The Sales Department of Minimus Inc. has forecast sales for May 2016 to be 40,000 units. Additional...
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