Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide.
Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory $ 0 Purchases of raw materials 50,500 Ending raw materials inventory 25,250 Direct labour 40,450 Manufacturing overhead 30,350 Beginning work in process inventory 0 Ending work in process inventory 5,100 Purchase of production equipment 105,000 Rent for production facility 9,150 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month.