Logan Products,a Small Manufacturer,has Submitted the Items Below Concerning Last

question 100

Essay

Logan Products,a small manufacturer,has submitted the items below concerning last year's operations.The president's secretary,trying to be helpful,has alphabetized the list.
$\begin{array}{|l|r|}\hline \text { Administrative salaries } & \$ 2,400 \\\hline \text { Advertising expense } & \$ 1,200 \\\hline \text { Depreciation - factory building } & \$ 800 \\\hline \text { Depreciation - factory equipment } & \$ 1,600 \\\hline \text { Depreciation - office equipment } & \$ 180 \\\hline \text { Direct labour cost } & \$ 21,900 \\\hline \text { Raw materials inventory, beginning } & \$ 2,100 \\\hline \text { Raw materials inventory, ending } & \$ 3,200 \\\hline \text { Finished goods inventory, beginning } & \$ 46,980 \\\hline \text { Finished goods inventory, ending } & \$ 44,410 \\\hline \text { General liability insurance expense } & \$ 240 \\\hline \text { Indirect labour cost } & \$ 11,800 \\\hline \text { Insurance on factory } & \$ 1,400 \\\hline \text { Purchases on raw materials } & \$ 14,600 \\\hline \text { Repairs and maintenance of factory } & \$ 900 \\\hline \text { Sales salaries } & \$ 2,000 \\\hline \text { Taxes on factory } & \$ 400 \\\hline \text { Travel and entertainment expense } & \$ 1,410 \\\hline \text { Work-in-process inventory, beginning } & \$ 1,670 \\\hline \text { Work-in-process inventory, ending } & \$ 1,110\\\hline\end{array}$
Required:
a.)Prepare a schedule of cost of goods manufactured in good form for the year.
b.)Determine the cost of goods sold for the year.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, often expressed on an annual basis.

Single Payment

A one-time transfer of money to settle a liability or make a purchase.

Payment Obligations

Financial liabilities or commitments that an entity is required to pay to another party.

Simple Interest Rate

The percentage of the principal amount that is paid as interest for a specific period.