calculate prime cost from the following Stock of raw material on 1st January, 2020 Rs 40,000 Stock of raw materials on 31st march, 2020 Rs 60,000 Purchase of raw materials during the period Rs 1,50,000 Paid for direct labour Rs 30,000 Direct expenses Rs 4000 carriage inwards Rs 1000 carriage outwards Rs 2000.
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calculate prime cost from the following Stock of raw material on 1st January, 2020
Rs 40,000 Stock of raw materials on 31st march, 2020 Rs 60,000 Purchase of raw materials during the period Rs 1,50,000 Paid for direct labour Rs 30,000 Direct expenses Rs 4000 carriage inwards Rs 1000 carriage outwards Rs 2000.
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- 1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales…Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
- In March 2020, Chester Bhd purchased material costing RM28,000 and incurred direct labour cost of RM40,000. Manufacturing overhead amounted RM 72,000 for the month. Other information pertaining to production are as follows: 1 March 2020 31 March 2020 Materials 16,200 4,600 Work in Process 2,400 18,000 Finished Goods 14,000 13,000 Requirement: Determine the cost of raw materials used in the production Calculate the prime cost Calculate the cost of goods manufactured for March 2020From the following information calculate raw material storage period Annual raw material consumption Rs 27,000 Opening stock of raw material Rs 5,000 Closing stock of raw material Rs 4,000 Assume 1 year = 360 days O (A) 30 Days • (B) 45 Days (c) 90 Davs (D) DaysJohn Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
- 4. A manufacturing organization had 6000 Kg. of direct material with total cost of Rs. 600,000 as at April 1, 2019. During the month two times direct material was purchased. On Aprol 5, 2019 10,000 Kg. of direct material was purchased @ Rs. 104.8 per Kg. and on April 20, 2019 12000 Kg. of direct material was purchased at a total cost of Rs. 1320,000. During the month 25000 Kg. of direct material was used in production (Assume only one type of material is used in production) and direct labour cost of Rs. 1250,000 and factory overhead cost of Rs. 1100,000 was incurred. On April 1, 2019 cost of work in process inventory was Rs. 500,000 and on April 30, 2019 cost of work in process inventory was Rs. 400,000. Required: Calculate cost of direct material used during April 2019, cost of direct material inventory as at April 30, 2019, cost of goods manufactured during April 2019 assuming periodic inventory system under each of the following methods separately:…COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income Statement in September 2020. The following is the cost data needed in preparing the report: a. Purchase of raw materials of 2,000 units at a price of Rp. 18,000 / unit. Transportation costs are 1.5% of the purchase b. Employee working hours are 4,800 direct work hours at a rate of IDR 5,000 / direct work hour c. Transactions that occurred in September: Indirect material used Rp 7.000.000 Electricity ( 70% used for factories) Rp 2.000.000 Factory Maintenance Rp 1.000.000 Depreciation (40 used for office) Rp 4.000.000 Property tax ( 80% used for factories) Rp 6.000.000 Utilities ( 65% used for factories) Rp 8.000.000 Office Salaries Rp 12.000.000 Gross profit Rp 93.500.000 d. Sales of Rp. 181,000,000 with sales returns and discounts of 0.5% of gross sales e. Selling expenses were 2.5% of net sales, administrative and general expenses…ABC Company has the following costs and expenses for the year December 31, 2020. Raw Materials, 1/1/2020 P40,000 Insurance, Factory P14,000 Raw Materials, 12/1/2020 P25,000 Property Taxes, Factory Building P6,000 Raw Materials Purchases P305,000 Sales Revenue P2,000,000 Work-in-Process, 1/1/2020 P60,000 Delivery Expenses P50,000 Work-in-Process, 12/1/2020 P40,000 Sales Commissions P100,000 Finished Goods, 1/1/2020 P120,000 Indirect Labor P55,000 Finished Goods, 12/31/2020 P110,000 Indirect Material P105,000 Direct Labor P400,000 Factory Machinery, Rent P25,000 Factory Manager’s Salary P25,000 Factory Utilities P55,000 Depreciation, Office Equipment P25,000 Administrative Expense P250,000 Requirement: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold schedule for ABC Company for 2020. Prepare Income Statement for ABC Company.
- Opening stock of Raw material is 60000 OMR, Freight Inwards 10000 OMR, Purchases of Raw material 500000 OMR, Purchase returns is 2000 OMR and Closing stock of Raw material is 8000 OMR, Direct Wages is 175,000 OMR direct Expenses is 15000 OMR . Calculate Prime cost. a. None of these b. 760,000 OMR c. 750,000 OMR d. 770,000 OMRThe following information relates to Unique Ltd for the year 2020: Annual Demand 408,375 units Annual cost of Holding £1.50 Annual cost of placing an order £ 500Required:(i) Calculate the EOQThe cost data relating to units of production for the year ending 31st December 2020 are as follows:Material (for 10,000 units actually produced) £10,000Subcontracted Labour (for 10,000 units actually produced) £20,000Production overheads £50,000There are 1,000 units of inventory unsold at the year end. Production was half the normal activity level.Compute the inventories figure shown in the Statement of Financial Position as at 31st December 2020.
