1. How do I find the net income? 2. What is the correct title for this statement? AB1234MFGManufactningAoountingData Section7 Depreciation--equipment8 Direct labor9 Direct materials inventory, 1/110 Direct materials inventory, 12/3111 Factory rent12 Finished goods, 1/113 Finished goods, 12/3114 Indirect labor15 Indirect materials16 Purchases of direct materials17 Work in process, 1/118 Work in process, 12/3119 Sales20 Selling Expenses21 General Expenses2223242526272829 Direct materials3031$180,0002,568,000366,000372,000305,640528,000690,000150,000105,0002,580,720121,200114,66013,503,0002,400,0001,200,000Answer SectionTwisp IndustriesSchedule of Cost of Goods Manufactured and SoldFor the Year Ended December 31,2011Direct materials inventory, 1/1Add:$366,000Purchases of direct 2,580,7203233Cost of direct materials availableLess:$2,946,720372.000$2,574.7202,568,000'Direct materials inv34 Cost of direct materials used35 Direct labor36 Manufacturing overhead:3738 Depreciation--equipment$305,640180,000150,000Factory rent39 Indirect labor40 Indirect materials105,000740,640$5,883,36041 Total manufacturing costs424344Work in process, 1/1Total work in process availableLess:121.200$6,004,560114,660$5,889,900Work in process, 1245 Cost of goods manufactured46 Finished goods, 1147528,000$6.417,900Cost of goods available for saleLess:48Finished goods, 12/31690,000$5,727,90049 Cost of good sold50 Selling and Distribution Overhead5152Selling Expenses2,400,0001,200,000General Expenses53 Total Selling and Distribution Overhead54 Cost of Sales555657 Net income58$3,600,000$9,327,900ProfitSales4,175,10013.503.00059

In the cost sheet of the business, various costs of the business are recorded in various heads like…

Answered: 1. How do I find the net income? 2.…

Business

Accounting

1. How do I find the net income? 2. What is the correct title for this statement?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.3E: Classifying costs as factory overhead Which of the following items are properly classified as part...

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Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salary
Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Requirements: 1. Prepare income statement. 2. Prepare the inventory portion of the balance sheet.
DescriptionMotor vehicles50 000 DtAccumulated depreciation on motor vehicles5 000 CrDebtors control45 000 DtBank: one 7 550 DtBank two:650 CrEquipment25 000 DtAccumulated depreciation on equipment2 100 CrCreditors control15 600 CrShare capital3 000 CrRetained earnings31 800 CrRental income13 000 CrInventory: Finished products8 500 DtSale of goods135 000 CrWater and electricity8 800 DtSalaries and wages55 000 CrPrinting and stationery6 300 Cr206 150(206 150) Adjustments:1. Rental income earned monthly amounts to R1 000.2. Printing and stationery on hand as at 31 December 2021 amounted to R800.3. Cleaning expenses of R250 was incorrectly posted to the salaries and wages account.4. Discount of R150 was given to a debtor who settled her account before due date.5. The municipal account for December 2021 was not yet received.…
Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:
Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500
Hw.75. Arturo Manufacturing Company provided the following information for the year 2012: Beginning balance—work in process inventory $12,000 Ending balance—work in process inventory $28,000 Beginning balance—direct materials inventory $42,000 Ending balance—direct materials inventory $30,000 Purchases—direct materials $180,000 Direct labor $235,000 Indirect materials $23,500 Indirect labor $9,500 Depreciation on factory plant & equipment $12,000 Plant utilities & insurance $135,000 Requirements: a) What was the amount of direct materials used in production? b) What was the amount of manufacturing overhead costs? c) What was the amount of manufacturing costs incurred during the year? d) What was the amount of the cost of goods manufactured for the year?
4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000
Raw Material inventory $657 $277 Work-in-Process inventory $4473 $1444 Finished Goods inventory $5429 $1481 Direct materials: $128 Direct labor: $193 Actual Manufacturing overhead costs: $1039 Applied Manufacturing overhead costs: $1933 Compute the ADJUSTED Cost of Good Sold Please give explanation for answer, thank you!
Classifying costs The following is a list of costs that were incurred in the production and sale of all-terrain vehicles (ATVs). a.Attorney fees for drafting a new lease for headquarters offices. b.Cash paid to outside firm for janitorial services for factory. c. Commissions paid to sales representatives, based on the number of ATVs sold. d.Cost of advertising in a national magazine. e.Cost of boxes used in packaging ATVs. f. Electricity used to run the robotic machinery. g.Engine oil used in engines prior to shipment. h. Factory cafeteria cashier's wages. i. Filler for spray gun used to paint the ATVs. j. Gasoline engines used for ATVs. k.Hourly wages of operators of robotic machinery used in production. I. License fees for use of patent for transmission assembly, based on the number of ATVs produced. m. Maintenance costs for new robotic factory equipment, based on hours of usage. n. Paint used to coat the ATVs. o.Payroll taxes on hourly assembly line employees. p.Plastic for outside housing of ATVs. q.Premiums on insurance policy for factory buildings. r. Properly taxes on the factory building and equipment. s.Salary of factory supervisor. t. Salary of quality control supervisor who inspects each ATV before it is shipped. u.Salary of vice president of marketing. v. Steering wheels for ATVs. w. Straight-line depreciation on the robotic machinery used to manufacture the ATVs. x.Steel used in producing the ATVs. y.Telephone charges for company controller's office. z.Tires for ATVs. Instructions Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for your answer, placing an "X" in the appropriate column.
Q no 01: (10) Following data have been taken from the records of ABC ltd Jan 01 Dec, 31 Finished goods inventory 19,431 ? Work in process 32,600 16,800 Raw material 13,600 19,700 Other Information Depreciation on factory equipment 8500 Raw material purchased 145000 Direct labor 65300 Indirect labor 33400 Freight In 3400 Factory Overhead 19100 Purchase discount 2400 Finished goods inventory on 1st Jan 480 units and on 31st Dec 320 Units. Sales during the year 2660 units @ 220 per unit. Required: Unit cost of finished goods inventory Total cost of finished goods inventory Cost of goods sold
The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?