Meta Co. a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:
Raw material purchases Direct Labor 14 DLH @ $10.000 Depreciation on factory equipment Depreciation on factory building Depreciation on headquarters building Factory insurance 15,000 Property taxes: Factory Headquarters Utilities for factory Utilities for sales office Administrative salaries Indirect labor salaries
20,000 18.000 34,000 1,800 150,000 156,000
$250,000 140,000 45,000 30,000 50,000
Sales office salaries 90,000 Beginning balance, Raw materials 124,000 Beginning balance, Work in process 124,000
Beginning balance, Finished Goods Ending balance, Raw Material Ending balance, Work in process Ending balance, Finished Goods
84,000 102,000 130,000 82,000
Last year, Bright completed 100,000 units. Sales revenue equaled $1,200,000 and Bright paid a sales commission of 5% of sales. Overhead is applied using direct labour hour. Expected Overhead for July 31 is Rp. 150.000 with budgeted direct labour hour around 12 hour.
Help Meta Co want to prepare following report for their company analysis: Cost of Goods Manufactured Report (5 Poin) Cost of Goods Sold Report (5 Poin) Income Statement (5 Poin) How much is primary cost and how much the conversion cost used in production? (5 Poin) What is your opinion about the overhead applied in production?