Question

Question 3: The following information has been taken from the records of Maxwell company: Inventory Raw materials Work in process Finished Goods JANUARY 1, 2020 50000 60000 25000 DECEMBER 31, 2020 60000 40000 30000 Sales revenue Sales return Purchase discount Purchase return Depreciation Factory Equipment Factory Insurance Travelling expense Other Factory expense Loss on sale of investment Sales salaries Utility expense Direct factory labour Material purchase Advertising expense Dividend revenue Depreciation office Equipment 2000000 8000 3500 22000 150000 50000 10000 15000 50000 100000 15000 820000 450000 15000 20000 10000 Requirement: (a) Prepare a cost of goods sold statement for the year ended Dec 31, 2020 (b) Prepare an Income statement for the year ended Dec 31, 2020 (c) If 20.000 units of products were produced during the year, calculate manufacturing cost per unit of product.
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Answer 1

Answer:

Explanation:

ANUARY 1, 2020 50000 60000 25000 DECEMBER 31, 2020