$45,000 Direct materials Production labor 35,000 Bookkeeper salary Factory utilities 28,000 18,500 Office rent 12,000 Factory supervisor salary 9,600 Machine maintenance contract 7,500 Under absorption costing, what is the inventory amount shown on the balance sheet at December 31, Year 1? a. $155,600 b. $115,600 c. $98,500 d. $80,000
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Queen Sales, Inc. has just completed its first year of operations. The company has not had any sales
to date. Queen has incurred the following costs associated with its production as of December 31, Year 1:
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- Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000What is the cost of direct labor f the conversion costs are $330.000 and manufacturing overhead is $275,000? $55,000 $275,000 $330,000 $605,000
- Stock of Finished Goods January 1st 12,660December 31st 17,845Stock of Raw Materials: January 1st 8,040December 31st 7,160Sales 464,000Office rent 2,625Office rates 1,000Purchases of Raw Materials 95,000Carriage Inward on Raw Materials 2,355Manufacturing wages 132,150Factory expenses 9,140Depreciation:Plant and Machinery 16,250Delivery vans 3,125Stock of Work in Progress: January 1st 4,370December 31st 4,735Factory Fuel 9,175Advertising 2,585Van running expenses 11,575Salesmen's Commission 3,565Maintenance of factory equipments 54,000Lighting (3/5 factory) (2/5 office) 40,000Salaries (factory 7,500) 25,000Insurance (factory 16,000) 22,400The following shows the figures extracted from the books of Ojolo, a manufacturer for the yer ended 31stDecember, 2009.You are required to prepare the Manufacturing, Trading, Profit and Loss account for the year ended 31stDecember, 2009Trial Balance as at 31 December 2022 of Kamagong Enterprise. Debit Credit Inventory of raw materials 01/01/2022 21,000 Inventory of finished goods 01/01/2022 38,900 Work in progress 01/01/2022 13,500 Wages (direct P180, 000; factory indirect P145, 000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost P280,000) 230,000 Administration computers (cost P20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales reps’ salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discounts allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Trade receivables and trade payables 142,300 64,000…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 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…
- 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 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…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 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…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 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…
- 4. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…Raw materials……………………………………………………………….P 1,400,000 Advances for materials ordered…………………………………………. 200,000 Work in process……………………………………………………………. 650,000 Unexpired inventory insurance…………………………………………. 60,000 Advertising catalogs and packaging cartons…………………………. 150,000 Finished goods inventory in the warehouse…………………………... 2,000,000 Finished goods in the company owned retail store, stated at 50% mark-up on its cost…………………………………………………… 750,000 Finished goods in the hands of consignees including 40% profit on sales…………………………………………………………. 400,000 Finished goods in transit to customers, Shipped at FOB-Destination stated at cost…………………………………………………………… 250,000 Finished goods out on customers’ approval, at cost…………………. 100,000 Unsalable finished goods, at cost………………………………………. 50,000 Office stationeries and supplies………………………………………… 40,000 Materials in transit,…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) P60,000
