Inventories December 31 January 1 $ 77,350 $ 95,550 Materials Work in process Finished goods 109,200 96,200 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory Property taxes-headquarters building Rent expense-factory 4,095 13,650 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory Miscellaneous costs-factory 3,250 4,420
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The following information is available for Shanika Company for 20Y6:
Please see the attachment
Instructions
1. Prepare the statement of cost of goods manufactured.
2. Prepare the income statement.
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- Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…Q no 01: (10) Following data have been taken from the records of ABC ltd Jan 01 Dec, 31 Finished goods inventory 19,431 ? Work in process 32,600 16,800 Raw material 13,600 19,700 Other Information Depreciation on factory equipment 8500 Raw material purchased 145000 Direct labor 65300 Indirect labor 33400 Freight In 3400 Factory Overhead 19100 Purchase discount 2400 Finished goods inventory on 1st Jan 480 units and on 31st Dec 320 Units. Sales during the year 2660 units @ 220 per unit. Required: Unit cost of finished goods inventory Total cost of finished goods inventory Cost of goods soldExercise 4: ABC Electrical Company has the following records for the period ended 31 December 2019. Total production units 7500 units Material purchased OMR 55000 Inventories, 1 January 2019: Materials OMR 2000 Work-in-process OMR 20000 Finished goods OMR 10000 Direct labor OMR 105000 Factory overhead OMR 75000 Inventories, 31 December 2019: Material OMR 5000 Work-in process OMR 10000 Finished goods 1000 units Finished goods are valued at the current unit 1/Schedule of cost of goods manufactured
- Inventories January 1 December 31 Materials $433,530 $546,250 Work in process 780,350 742,900 Finished goods 750,010 759,290 Advertising expense $370,900 Depreciation expense-office equipment 52,440 Depreciation expense-factory equipment 70,470 Direct labor 841,230 Heat, light, and power-factory 27,860 Indirect labor 98,330 Materials purchased 824,840 Office salaries expense 287,870 Property taxes-factory 22,940 Property taxes-headquarters building 47,520 Rent expense-factory 38,780 Sales 3,861,990 Sales salaries expense 474,150 Supplies-factory 19,120 Miscellaneous costs-factory 12,020 Required: Question Content Area 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select -…QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statementnventory 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…
- Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?Items 3 – 6 Cena Company employs FIFO process costing system concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2020 are provided:ASSEMBLY DEPARTMENTUnits CostJanuary 1, 2020 100,000 units – 40% completed as to conversion costDM – P3MDL – P5MFOH – P2MDecember 31, 2020 150,000 units – 80% completed as to conversion costs?Units started during the year 400,000 unitsDM cost added during 2020 – P12MDL cost added during 2020 – P15MFOH cost added during 2020 – P13MFINISHING DEPARTMENTJanuary 1, 2020 50,000 units – 70% incomplete as to conversion costTransferred In – P10MDM – P6MDL – P1MFOH – P3MDecember 31, 2020 30,000 units – 10% incomplete as to conversion costs?Units started during the year ?DM cost added during 2020 – P30MDL cost added during 2020 – P40MFOH cost added during 2020 – P10MAdditional Information:• It is the company policy to apply direct labor and factory overhead uniformly…
- 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…