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Management accounting
The following are various sales and cost data for Camelot Corporation for the year ended
December 31, 2020:
Finished goods inventory, January 1
$20,000
Finished goods inventory, December 31
40,000
Depreciation, factory
27,000
Administrative expenses
110,000
Utilities, Factory
8,000
Maintenance, factory
40,000
Indirect factory materials 11,000
Insurance, factory
4,000
Purchases of raw materials
75,000
Raw materials inventory, January 1
9,000
Raw material inventory, December 31
6,000
Direct factory labour
120,000
Indirect factory labour
15,000 Work in process inventory, January 1
17,000 Work in process inventory, December 31
30,000
Sales
500,000
Selling expenses
80,000
Required:
1. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020.
2. Prepare a schedule of cost of goods sold for the year ended December 31, 2020.
3. Prepare an income statement for the year ended December 31, 2020
Note:
You must answer this question using the Excel spreadsheet. Each part of the solution must be
entered in the appropriate tab set-up in the spreadsheet. Please make sure that your schedules
and statements have the appropriate titles and headings. Where calculation are involved, make
sure you use the appropriate functions embedded in Excel rather than doing the calculation on
your calculator and simply recording the final answer in the cell.
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