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a) Calculate the raw material used by All School Logos & More. b) What is the total factory overhead costs incurred by All School Logos & More during the period? c) Determine the prime cost & conversion cost of the School crests produced.

a) Calculate the raw material used by All School Logos & More. b) What is the total factory overhead costs incurred by All School Logos & More during the period? c) Determine the prime cost & conversion cost of the School crests produced.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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a) Calculate the raw material used by All School Logos & More. b) What is the total factory overhead costs incurred by All School Logos & More during the period? c) Determine the prime cost & conversion cost of the School crests produced.
Transcribed Image Text:a) Calculate the raw material used by All School Logos & More. b) What is the total factory overhead costs incurred by All School Logos & More during the period? c) Determine the prime cost & conversion cost of the School crests produced.
All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastic cases, before being transferred into Finished Goods. The accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform crests for Hill Point High School are given below. Inventory Raw Materials Work in Progress $138,875 Finished Goods 1/10/2021 31/12/2021 $65,000 $129,125 $141,700 $72,000 $149,500 Other information: Sales Revenue Factory Labour $1,694,950 239,700 Raw Materials Purchased 235,000 4,500 Office Cleaner's Wages Factory Supplies Used Depreciation: Factory Plant & Equipment Total Utilities ! Plant Supervisor's Salary Design Costs (School Logo) Packaging Material Cost Total Insurance 2 Delivery Vehicle Drivers’ Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Sales Commission 23.500 32,000 118,750 180,000 4,300 35,000 60,000 41,250 7,250 105,000 123.750 2% of Net Profit before Commission "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2Of the total insurance, 66%% relates to the manufacturing facilities & 33%% relates to the office area 3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
Transcribed Image Text:All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastic cases, before being transferred into Finished Goods. The accounting records of the business for the quarter to December 31, 2021, for the manufacturing of uniform crests for Hill Point High School are given below. Inventory Raw Materials Work in Progress $138,875 Finished Goods 1/10/2021 31/12/2021 $65,000 $129,125 $141,700 $72,000 $149,500 Other information: Sales Revenue Factory Labour $1,694,950 239,700 Raw Materials Purchased 235,000 4,500 Office Cleaner's Wages Factory Supplies Used Depreciation: Factory Plant & Equipment Total Utilities ! Plant Supervisor's Salary Design Costs (School Logo) Packaging Material Cost Total Insurance 2 Delivery Vehicle Drivers’ Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries Sales Commission 23.500 32,000 118,750 180,000 4,300 35,000 60,000 41,250 7,250 105,000 123.750 2% of Net Profit before Commission "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2Of the total insurance, 66%% relates to the manufacturing facilities & 33%% relates to the office area 3 The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
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