a.Prepare statement of cost production for the year ended 31 December 2020.b.Prepare statement of comprehensive income for the year ended 31 December 2020. CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and othermoulds for a wide variety of industrial customers, had the following balances extracted fromits books on 31 December 2020.Name of AccountRMWIP - Raw materials, 1 January 2020WIP - Factory wages, 1 January 2020WIP - Factory overhead, 1 January 2020Raw materials, 1 January 2020Raw materials purchasesTransportation of raw materialsCustom duties on raw materialsInsurance on raw materialsFactory wagesGroup accident insurance on factory workersDepreciation of plant and factory machineryOils and lubricantsFactory supervisor's wagesFactory cleaner's wagesFactory security's staff salariesFactory repairs and maintenanceFactory insurance expenseSales returns14,63018,33021,66036,700251,3408,3409,6003,500285,43012,34048,0005,70030,40012,30018,6009,5608,40023,00075.38037,630Finished goods, 1 January 2020Advertising expenseSalesmen's commissionsSalesmen's salariesSelling expensesOffice wages & salariesOffice insurance expenseDepreciation of office furnitureDiscounts allowedBad debts expenseRent expensesManager's salaryUtilities35,48064,57011,22073,5805,8703,50022,46032,760180,00099,00040,800Depreciation of motor vehiclesGeneral expensesPilferage of raw materialsReturns of raw materialsSales44,00022,5001,4005,6002,854,200Discount received23,46015,000Interest on fixed deposits Additional information:On 31 December 2020, the following estimates were made:(i)Rent – two-thirds of the rent is for the factory while the rest is for the office.(ii) Manager's salary – one-third is for the factory while the rest is for the office.Utilities – RM4,800 of the utilities is estimated to be for the office use.(iv) Depreciation of motor vehicles –RM36,000 of this considered to be for use by the factorand the rest for the office.(v) General expense – one-third of the amount is considered to be for office use while therest is for use in the factory.(vi) Inventory of raw materials – RM15,420.(vii) WIP, raw materials – RM13,690.(viii) WIP, factory wages – RM16.320.(ix) WIP, factory overhead – RM28,850.(x) Inventory of finished goods was valued at RM95,000.

Name: a.Prepare statement of cost production for the year ended 31 December
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Description: a.Prepare statement of cost production for the year ended 31 December 2020.b.Prepare statement of comprehensive income for the year ended 31 December 2020. CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and othermou

Cost of goods manufactured or COGM calculates the total value of inventory that was produced during…

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CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and other moulds for a wide variety of industrial customers, had the following balances extracted from its books on 31 December 2020.

CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and other moulds for a wide variety of industrial customers, had the following balances extracted from its books on 31 December 2020.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 6P: The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During...

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Allen Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from Allens accounting records are as follows: Accounts payable at December 31, 2019: Additional information is as follows: 1. Parts held on consignment from Charlie to Allen, the consignee, amounting to 155,000 were included in the physical count of goods in Allens warehouse on December 31, 2019, and in accounts payable at December 31, 2019. 2. 22,000 of parts, which were purchased from Full and paid for in December 2019, were sold in the last week of 2019 and appropriately recorded as sales of 28,000. The parts were included in the physical count of goods in Allens warehouse on December 31, 2019, because the parts were on the loading dock waiting to be picked up by customers. 3. Parts in transit to customers on December 31, 2019, shipped FOB shipping point on December 28, 2019, amounted to 34,000. The customers received the parts on January 7, 2020. Sales of 40,000 to the customers for the parts were recorded by Allen on January 3, 2020. 4. Retailers were holding 210,000 at cost (250,000 at retail) of goods on consignment from Allen, the consignor, at their stores on December 31, 2019. 5. Goods were in transit from Greg to Allen on December 31, 2019. The cost of the goods was 25,000, and they were shipped FOB shipping point on December 29, 2019. 6. A quarterly freight bill in the amount of 2,000 specifically relating to merchandise purchases in December 2019, all of which was still in the inventory at December 31, 2019, was received on January 4, 2020. The freight bill was not included in either the inventory or in accounts payable at December 31, 2019. 7. All of the purchases from Baker occurred during the last 7 days of the year. These items have been recorded in accounts payable and accounted for in the physical inventory at cost before discount. Allens policy is to pay invoices in time to take advantage of all cash discounts, adjust inventory accordingly, and record accounts payable, net of cash discounts. Required: Prepare a schedule of adjustments to the initial amounts of inventory, accounts payable, and sales. Show the effect, if any, of each of the transactions separately and indicate if the transactions would have no effect on the amount.
The post-closing trial balance of Custer Products, Inc. on April 30 is reproduced as follows: During May, the following transactions took place: a. Purchased raw materials at a cost of 45,000 and general factory supplies at a cost of 13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing 47,000, and miscellaneous factory supplies costing 15,000. c. Recorded the payroll and the payments to employees as follows: factory wages (including 12,000 indirect labor), 41,000; and selling and administrative salaries, 7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Distributed the payroll in (c). e. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices. f. Incurred other expenses totaling 11,000. One-fourth of this amount is allocable to the office function. g. Transferred total factory overhead costs to Work in Process. h. Completed and transferred goods with a total cost of 91,000 to the finished goods storeroom. i. Sold goods costing 188,000 for 362,000. (Assume that all sales were made on account.) j. Collected accounts receivable in the amount of 345,000. k. Paid accounts payable totaling 158,000. Required: 1. Prepare journal entries to record the transactions. 2. Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31. 3. Prepare a statement of cost of goods manufactured, an income statement, and a balance sheet. (Round amounts to the nearest whole dollar.)
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CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and other moulds for a wide variety of industrial customers, had the following balances extracted from its books on 31 December 2020. Name of Account RM WIP - Raw materials, 1 January 2020 14,630 WIP - Factory wages, 1 January 2020 18,330 WIP - Factory overhead, 1 January 2020 21,660 Raw materials, 1 January 2020 36,700 Raw materials purchases 251,340 Transportation of raw materials 8,340 Custom duties on raw materials 9,600 Insurance on raw materials 3,500 Factory wages 285,430 Group accident insurance on factory workers 12,340 Depreciation of plant and factory machinery 48,000 Oils and lubricants 5,700 Factory supervisor's wages 30,400 Factory cleaner’s wages 12,300 Factory security's staff salaries 18,600 Factory repairs and maintenance 9,560 Factory insurance expense 8,400…
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The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…
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Gugusan Manufacturing, a family-owned business involved with producing stickers for homeand office use, has the following balances extracted from its books on 31 December 2022: Name of Accounts RM RM Raw materials, 1 January 2022 30,400Raw materials purchases 125,600Transportation of raw materials 8,500Custom duties on raw materials 2,800Factory wages 223,300Rent 96,000Depreciation of plant and factory machinery 23,600Depreciation of motor vehicles 36,000Oils and lubricants 1,800Factory supervisory’s salary 38,400General manager’s salary 80,000General expenses 6,000Utilities expenses 24,000Factory repairs and maintenance 4,800Sales returns 9,500Finished goods, 1 January 2022 58,300Advertising expense 10,500Salesmen’s commissions 32,700Salesmen's salaries 48,000Repairs to motor vehicles 12,000Selling expense 4,600Office wages & salaries 63,800Depreciation of office furniture 5,000Discounts allowed 8,400Bad debts expense 6,400Drawings 80,000Freehold land & buildings…
The following information appeared in the accounting records of Erfurt Enterprises, a manufacturing entity, at 29 February 2020, the end of the financial year. Extract from the trial balance as at 29 February 2020: N$ Inventory on hand 1 March 2019 Raw materials 160 650 Work-in-progress 229 500 Finished products 469 200 Raw material purchased (including N$52 326 indirect material) 511 326 Raw materials issued to production ? Air freight paid on raw material purchased in the Congo 163 200 Indirect materials additionally issued to production 6 426 Insurance expenses (including N$8 415 for office insurance) 30 294 Depreciation (10:3 ratio applicable for manufacturing equipment and office furniture respectively) 39 780 Rent expenses (60% of the rent was paid for the factory premises) 84 150 Wages and salaries paid 336 600 Water and electricity (N$272 646 included for the factory water & electricity) 321 453 Sales during the year 1 530 000 Additional information: 1. Inventory is valued…
The following information appeared in the accounting records of Erfurt Enterprises, a manufacturing entity, at 29 February 2020, the end of the financial year. Extract from the trial balance as at 29 February 2020: N$ Inventory on hand 1 March 2019 Raw materials 160 650 Work-in-progress 229 500 Finished products 469 200 Raw material purchased (including N$52 326 indirect material) 511 326 Raw materials issued to production ? Air freight paid on raw material purchased in the Congo 163 200 Indirect materials additionally issued to production 6 426 Insurance expenses (including N$8 415 for office insurance) 30 294 Depreciation (10:3 ratio applicable for manufacturing equipment and office furniture respectively) 39 780 Rent expenses (60% of the rent was paid for the factory premises) 84 150 Wages and salaries paid 336 600 Water and electricity (N$272 646 included for the factory water & electricity) 321 453 Sales during the year 1 530 000 Additional information: 1. Inventory is valued…
The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…
The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour: Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax: Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211Balances on 30 June 2020 RWork in process goods on hand 617…