7) Prepare cost sheet in the book of M. A. Rahman from the following particulars. Opening stock: - Raw material SR 5,000 Finished goods SR 4,000 Closing stock: - Raw material SR 4,000 SR 5,000 %3D Work in process Finished goods Raw material purchased SR 2000 %3D SR 50,000 Wages paid to laborers Chargeable expenses SR 20,000 SR 2,000 Factory Rent Factory electricity SR 7,400 SR 3,000 Sale of wastage of material Office management salary Office printing & stationery SR 200 %3D SR 4,000 %3D SR 200 %3D Salaries to salesman SR 2,000 Commission to traveling agents SR 1,000 SR 150,000 = Sales revenue %3D II || ||
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- The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads 50 % of direct wagesOffice and administration overheads 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods:In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.From the following information, prepare detailed Cost Statement for the year ended 31-3 2014. 20,000 30,000 12,00,000 99,500 20,000 50,000 60,000 Particulars Opening Stock-Raw Materials DM Opening Stock-Finished Goods +coP Purchases of Raw Materials Direct Wages Power OW F Carriage on Purchase of Raw Materials OM Cost of a Special Design Sell & Air DE Custom Duty and Octroi on Raw Materials M Rent and Rates- Office Factory Telephone Expenses Advertisement of Electricity-Office Factory Machinery lost in fire Depreciation-Plant and Machinery f -Delivery Van Sall 50,000 70,000 80,000 Selling 75,000 15,000 30,000 80,000 20,000 1,20,000 2,50,000 70,000 H Income Tax Salaries of Donations H Establishment Expenses Of Rent of Showroom Interest on Loan 65,000 45,000The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases raw material OMR 210000 Purchase Return: OMR10000 Factory on cost - 10% of prime cost opening stock raw material OMR25000 closing stock work in process OMR10000 The cost of good manufactured is
- 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) P60,000Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct Materials $72,000 $65,000Work-in-Process $107,000 $128,000Finished Goods $149,500 $141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area. Requirements:…
- These data relates to Judy Company’s July 2020 operations: Materials, beginning P 7,000 Materials, Ending P9,000 WIP, Beginning 7,500 WIP, Ending 3,500 Finished Goods, beg. 10,000 Finished Goods, End. 12,000 Materials used 46,800 Direct Expenses 400 Selling and general expenses 6,700 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. Required: Compute for the following (Show your solution) : 1. Cost of materials purchased 2. Cost of goods manufactured 3. Cost of goods sold and 4. Conversion CostClaire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000Choose the correct letter of answer The accounting records of Abalos Company revealed the following information: Raw materials used, P500,000; labor cost, 50% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 20% of labor cost. The total product cost is equivalent to: a. P1,000,000b. P 900,000c. P 750,000d. P650,000
- Perez Manufacturing purchased raw materials worth $8,000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $8,000; credit Accounts Payable, $8,000 B. debit Account Payable, $8,000; credit Raw Materials Inventory, $8,000 C. debit Cash, $8,000; credit Raw Materials Inventory, $8,000 D. debit Raw Materials Inventory, $8,000; credit Cash,On January, 2021 the following Standard Cost Card relating to the product Cleanex was extracted from the records of Quicksoap Ltd. Standard Cost Card Details $ Direct materials 4 litres @ $500 2,000 Direct labour 2 hrs @ $50 100 Total cost 2,100 Actual results for the period: Production 400 units Direct raw materials purchased 1,700 litres at a cost of $765,000. Opening stock of direct raw materials 100 litres Closing stock of direct raw materials 40 litres Direct wages $45,000 for 750 hours Required: Calculate direct labour rate variance. Calculate direct labour efficiency variance. Identify two (2) possible causes of direct labour efficiency variances.On January, 2021 the following Standard Cost Card relating to the product Cleanex was extracted from the records of Quicksoap Ltd. Standard Cost Card Details $ Direct materials 4 litres @ $500 2,000 Direct labour 2 hrs @ $50 100 Total cost 2,100 Actual results for the period: Production 400 units Direct raw materials purchased 1,700 litres at a cost of $765,000. Opening stock of direct raw materials 100 litres Closing stock of direct raw materials 40 litres Direct wages $45,000 for 750 hours Required: Explain the concept of variance analysis. Calculate direct raw material price variance. Calculate direct raw material usage variance.