From the following information prepare a cost of Good manufactured statement for 'Phonıx Group.' manufacturing company: Inventories June 1,2019 June 30,2019 Raw material Tk.58,000 Tk. 52,000 Work in process 48,500 44,000 Sales commission Tk. 6,230
Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods manufactured: The cost of goods manufactured refers to the expenses incurred by the…
Q: A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following…
A: In the study of cost accounting, Job Costing is a technique of calculating the expenditure incurred…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: It is the sum of Adjusted raw material, manufacturing cost, and Adjusted Work-in-progress inventory.…
Q: COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income…
A: Work-in process: This is the cost of units which were semi-finished in a particular period. Further…
Q: The following are information provided for Norman Company for the month of August 2019 (refer to the…
A: The prime cost is total of direct materials and direct labor cost. The conversion cost os total of…
Q: Muscat Company has the following data for the year ended 2020, compute the cost of goods…
A: Cost of goods manufactured is the cost that is incurred in manufacturing the goods during the…
Q: Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: The calculation of Direct materials used is presented hereunder :
Q: NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Classified Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held…
Q: The following information has been obtained from the records of XYZ coroporation for the period from…
A: PARTICULAR DIRECT MATERIAL CONSUMED : OPENING STOCK OF RAW MATERIAL 30,000 OPENING…
Q: In March 2020, Chester Bhd purchased material costing RM28,000 and incurred direct labour cost of…
A: The cost of goods sold includes the cost of goods sold during the period.
Q: Data obtained from Antanian Manufacturing Inc. for July 2020 are as follows: Assembly Department…
A: Particulars Units Opening Inventory 2000 Add: Put into process during the month 6000 Total…
Q: Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Total raw materials used = Beginning raw materials + raw materials purchased - ending raw…
Q: A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following…
A: Since multiple sub-parts are posted, only the first three sub-parts will be answered. Kindly…
Q: Bidiyah Sugar Factory had the following data: lan. 1,2020 Dec. 31, 2020 Raw materials inventory OMR…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw…
A: The term Cost of Goods Manufactured (COGM) refers to a schedule or statement that represents the…
Q: The given miscellaneous data has been collected for a manufacturing company for the year ended…
A: The question is related to Cost Sheet. The cost of goods manufactured will be calculated with the…
Q: Ogleby Inc.'s accounting records reflect the following inventories:…
A: Cost of goods manufactured = Beginning Work in process inventory + Total manufacturing costs -…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: P 12,000 P 23,500…
A: Solution: Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory…
Q: Q.3. Dunkel Ltd. started a factory in Navi Mumbai on 1st April 2013. furnished about its activity…
A: Answer to question number 3 Only this question can be answered as complete and understandable…
Q: Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the…
A: Working 1.Value of Opening stock = 1000 units x 130 = 130,000 2. Manufacturing cost per unit =…
Q: Q1 Mr. Mohammed furnishes the following data relating to the manufacture of a standard product…
A: In Cost Sheet, by adding direct costs we get Prime cost and then by adding manufacturing overhead to…
Q: Goggles Company has the following information for the year 2019: Total manufacturing costs…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Prime cost…
Q: hich of the following Answers below best fits in each black space? The ending balance of works in…
A:
Q: The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021…
A: The total cost of a product is calculated and it comprises various components which are required to…
Q: The following information is available for the Turner Manufacturing company for 2020. E (Click the…
A: Beginning accounts payable = Ending accounts payable + Accounts payable payments - Credit purchases=…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory RO…
A: Cost of goods manufactured is the total value of goods manufactured during the period. It contains…
Q: A manutacturing company shows the following amounts in the cost statement and the statement of…
A: The cost of goods sold is calculated by adding the beginning inventory and purchases and deducting…
Q: Ra Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw…
A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Inventory refers to the goods held by the business either for selling or for further production so…
Q: Ibra factory reports the following costs and expenses in June 2019. Indirect materials OMR 5,400…
A: Period costs: Period costs are not directly related to the production process of a product. Sales,…
Q: Stencil Co. reported the following data for the year 2018: Gross Profit P 192,000 Cost of Goods…
A: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - Ending…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods manufactured = Total Manufacturing Cost (Direct Materials + Direct Labor + Overhead…
Q: Items 6 to 8 are based on the following data of Matatag Company for the ma March 2019: Materials…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. Cost of…
Q: In respect of a factory the following figures have been obtained for the year 2018: Particulars…
A:
Q: Ibra factory reports the following costs and expenses in June 2019. Indirect materials OMR 5,400…
A: In cost accounting, there are majorly two types of costs. One is Product Costs and other is Period…
Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods sold means total costs incurred for the products that are to be sold in the market.
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Service Departments…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: Cost incurred: Direct labor cost Rs. 70,000 Purchases of raw materials 165,000 Manufacturing…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: x Company provides the following data for 2019: 12/31/2018 12/31/2019 Inventories: Raw materials* P…
A: Cost of goods manufactured = Cost of goods sold + Ending finished goods - beginning finished goods…
Q: Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 Using the…
A: In absorption costing, the cost of goods sold includes all the manufacturing costs whether variable…
Q: Statement of Cost of Goods Manufactured Assume ABC Manufacturing Company has developed the following…
A: The question is based on the concept of Cost Accounting.
Q: Sohar Company's accounting records reflect the following inventories: Items Jan. 1, 2019 Dec. 31,…
A: Direct material used = Beginning raw material inventory + Purchase of raw material - Ending raw…
Q: Practice: The following data are taken from the accounting records of Gregory Mfg. Co.:…
A: Cost of Goods Manufactured is a costing statement that represents the cost incurred to manufacture a…
Q: Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the…
A: The question is related to Absorption Costing or full costing. Absorption Costing is a practice of…
Q: At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1…
A: In order to determine the cost of goods manufactured, Beginning Work in Process inventory is…
Q: Goggles Company has the following information for the year 2019: Total manufacturing costs…
A: Prime cost means the addition of direct material and direct labor. Conversion cost means the…
Q: Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Step by step
Solved in 2 steps
- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
- 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) P60,000The following figures have been extracted from the records of Necon manufacturing companyfor the year ending 31st December, 2019. You are required to prepare a statement of costshowing : (a) Cost of raw materials consumed(b) Prime Cost (c) Factory Cost(d) Cost of production(e) Cost of goods sold (f)Total cost of goods sold and profit on sales. $Stock of Raw Materials (1-1-19) 3,000Stock of Raw Materials (31-12-19) 2,400Purchases of Raw materials 14,000Stock of work-in-progress (1-1-19) 1,000Stock of work-in-progress (31-12-19) 800Carriage inward 500Manufacturing wages 4,000Other direct expenses 200Indirect wages 1,000Experiment expenses 400Wastage of materials…Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
- Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. DirectMaterialsUsed DirectLaborUsed ManufacturingOverhead TotalManufacturingCosts Work inProcess1/1 Work inProcess12/31 Cost of GoodsManufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw material OMR 230000, purchases return: OMR5,000, factory on cost 10% of prime cost.Opening stock work in progress OMR54000, closing stock work in progress OMR 45000, opening stock raw material OMR50000 and closing stock raw material OMR32000.The cost of good manufactured is: a. OMR364200 b. None of the options c. OMR369800 d. OMR332200Goggles Company has the following information for the year 2019:Total manufacturing costs .....................P5,621,000Total nonmanufacturing costs ............... 2,370,000Factory overhead .................................... 1,859,400Direct materials used ............................. 1,506,200Indirect materials used .......................... 564,900 1.How much is the prime cost for the year? explanation 2.Compute for the conversion cost? explanation 3.Calculate direct labor employed for the year? explanation
- Goggles Company has the following information for the year 2019:Total manufacturing costs .....................P5,621,000Total nonmanufacturing costs ............... 2,370,000Factory overhead .................................... 1,859,400Direct materials used ............................. 1,506,200Indirect materials used .......................... 564,900 How much is the prime cost for the year? Compute for the conversion cost Calculate direct labor employed for the year How much is your product cost?Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended31 March 2021:Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory valuation…The following extract of costing information relates to a commodity A for the halfyear ending 31:12.2020PARTICULARSPurchase of raw. materialsWorks OvetheadsDirect WagesCarriage on purchasesStock (1.7.2018) Raw MäterialsFinished Products (1000 Tonnes)Stock (31.12.2018) Raw MaterialsWork in progress (WIP)1.7.201831.12.2018Sales of finished productsAMOUNT (R$)• 1.20.00048.0001.00.0001,44020,00016.00022.2404.80016,0003.00.000Selling and distribution overheads are Re.1 per ton sold. 16,000 tonnes of commodity wereproduced during the period. Prepare a cost sheet.
