Homework Answers
1. Ending Balance of Raw Material = Opening Raw material + Raw material Purchased - Material Issued
= $3000 + $55000 - $33000
= $25000
2. Direct labour = Prime Cost -Direct material issued
= $60000 - $33000
= $27000
3. Cost of goods manufactured = Prime Cost + Depreciation related to production + utilities reated to production + Opening Work In Progress - Closing Work in progress + Indirect Material + Indirect labour + Factory Insurance
=$60000 + ((5000)*1/2) + ((6000)*1/3) + 9000 - 25000
= $60000 +$2500 +$2000 + $9000 -$25000 + $10500 +$10500 +$1800
= $71300
4. Cost of Goods Sold = Cost of Goods manufactured + Opening of Finished Goods - closing of finished goods
= $71300 +$8000 -$5000
= $74300
5. Operating Income = Sales - Cost of goods sold - Utilities (related to admins.) - Depreciation (related of admins.) - Administrative Salaries - Sales Commission - warranty cost
= $105000 - $74300 -((6000)*2/3) -((5000)*1/2) -$12000 -$6000 -$1000
= $5200
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