All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastie 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 1/10/2021 31/112/2021 $72,000 $138,875 $149,500 $65,000 $129,125 $141,700 Finished Goods Other information: Sales Revenue $1,694,950 239.700 235,000 Factory Labour Raw Materials Purchased 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 Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehiele Property Taxes Administrative Wages & Salaries Sales Commission 4,500 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 ative costs
All School Logos & More (ASLM) design and manufacture school uniform crests. After production, the crests are placed into individual plastie 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 1/10/2021 31/112/2021 $72,000 $138,875 $149,500 $65,000 $129,125 $141,700 Finished Goods Other information: Sales Revenue $1,694,950 239.700 235,000 Factory Labour Raw Materials Purchased 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 Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehiele Property Taxes Administrative Wages & Salaries Sales Commission 4,500 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 ative costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A. Determine the prime cost and conversion cost of the school crests produced
B. Prepare an income statement for personal All School Logos and More for the quarter ended December 31, 2021. List the non manufacturing overheads in order of size starting with the largest.
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
1/10/2021 31/12/2021
Raw Materials
$72,000
$65,000
Work in Progress
$138,875
$129,125
Finished Goods
$149,500
$141,700
Other information:
Sales Revenue
$1,694,950
239.700
235,000
Factory Labour
Raw Materials Purchased
Office Cleaner's Wages
Factory Supplies Used
Depreciation: Factory Plant & Equipment
Total Utilities
Plant SupervisorS Salary
Design Costs (Sehool Logo)
Packaging Material Cost
Total Insurance
Delivery Vehiele Drivers" Wages
Deprecialion: Delivery Vehiele
Property Taxes 3
Administrative Wages & Salaries
Sales Commission
4.500
23.500
32,000
118,750
180,000
4.300
35,000
60,000
41.250
105,000
123.750
2% of Net Profil before Commission
Of the total utilities, 80% relates to manufacturing and 20% relates to generaland administrative costs.
27°C
Transcribed Image Text:1/10/2021 31/12/2021
Inventory
Raw Materials
Work in Progress
$72,000
$65,000
$138,875
$129,125
Finished Goods
$149,500
$141,700
Other information:
Sales Revenue
$1,694,950
Factory Labour
Raw Materials Purchased
Office Cleaner's Wages
Factory Supplies Used
Depreciation: Factory Plant & Equipment
Total Utilities 1
Plant Supervisor's Salary
Design Costs (School Logo)
Packaging Material Cost
Total Insurance
Delivery Vehicle Drivers' Wages
Depreciation: Delivery Vehicle
Property Taxes 3
Administrative Wages & Salaries
Sales Commission
239,700
235,000
4,500
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 Commnission
1Of 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
The property taxes should be shared: 75% factory facilities & 25% general & administrative costs
ctivat
o te Ser
Required:
27°C
a
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