Bilal Sher (L1F19BBAM0677)

Assignment No 1

Waterway’s corporation
Cost of Goods Manufactured Schedule
For The Month Ended November 30, 2017

Opening work in process inventory 52,700

Direct materials
Opening raw material inventory 38,000
Raw material purchases 184,500
Total raw material available for sale 222,500
Less: Closing raw material inventory 52,700
Direct raw material used 169,800
Direct labor 2000
Manufacturing overheads
Indirect labor 48,000
Factory utilities 10,200
Factory supplies used 16,800
Depreciation on factory equipment 16,800
Repairs factory equipment 4,500
Rent factory equipment 47,000
Total manufacturing overheads 143,300
Total manufacturing cost 355,100
Total cost work in process 407,800
Less: work in process November, 30 42,000
Cost of goods manufactured 365,800
Bilal Sher (L1F19BBAM0677)

Waterway’s corporation
Income statement
For the month of November

Sales revenue 1,350.000

Less: Sales commission 40,500
Net sales 1,309,500
finished goods inventory 11/01/17 72,550
cost of goods manufactured 365,800
cost of goods available for sale 438,350
less: finished goods inventory 11/01/17 68,800
cost of goods sold 369,550
Gross profit 939,950
Admin selling expenses
advertising expenses 54,000
other administrating expenses 72,000
salaries 325,000
office supplies expenses 1,600
total admin selling expenses 452,600
Net profit 487,350
Bilal Sher (L1F19BBAM0677)

Waterway’s corporation
Balance sheet
At 30 November, 2017

Current Assets
Cash 260,000
Account receivables 275,000
Inventories
Finished goods inventories 68,800
Work in process inventories 42,000
Raw goods inventories 52,700 163.500
Prepaid expenses 41,250
Total current assets 739,750