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Question 1: (80 points)
General Electrics provided the following information for 2020 :
During the year, raw material purchased amounted to $110 000, direct labor cost was
$330 000 and overheads costs was $439 000. GE’s sales revenues totaled $1 550 000 and they
had $85 000 selling and administrative expenses. GE’s income tax rate is 20%.
Required:
A. Construct a schedule to calculate cost of goods manufactured. (60pts)
B. Construct a statement to calculate cost of goods sold. (20pts)
Briefly explain the cost management system objectives. Be sure to illustrate your answer
