Items Cost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials, 12/31/2019 20,000 Property taxes, factory building 6,000 Raw materials purchase during 2019 205,000 Sales revenue 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, 1/1/2019 80,000 Sales commissions 150,000 Work in process, 12/31/2019 50,000 Indirect labor 90,000 Finished goods, 1/1/2019 110,000 Factory machinery rent 40,000 120,000 Factory utilities 65,000 Finished goods, 12/31/2019 350,000 Depreciation, factory building 24,000 Direct labor 35,000 Administrative expenses 300,000 Factory manager's salary Direct materials used is:
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- 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…Roger Inc. began work in 2021 on a contract for $8,400,000. Other data are as follows: 2021 2022 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 — Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7,200,000 Roger uses the percentage-of-completion method. Calculate the gross profit to be recognized in 2021.
- URGENT!! The following are transactions of Corporation R for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect), on credit, P1,000,000 Usage of raw materials, P750,000 (20% are indirect materials) Manufacturing payroll for the month: Gross amount of 390,000 Direct labor, P90,000 of which for SSS and other government payable, and gross amount of indirect labor, P170,000, P45,000 of which for SSS and government payable. Net salary paid in cash. Other manufacturing overhead costs incurred during the month, P175,000, consisting of janitorial salaries, P80,000 paid in cash for plant utilities, repairs, and supervisory salaries, P130,000 and plant depreciation, P40,000 Allocation of manufacturing overhead to jobs using predetermined OH rate of P12/machine hour. Actual machine hour for the month is 50,000 hours. Completion and transfer of individual jobs to finished goods, P1, 555,000 Cost of goods sold,…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…8. Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
- Gomez, Inc. began work in 2022 on contract #3814, which provided for a contract price of $19,200,000. Other details follow: 2022 2023 Costs incurred during the year $3,200,000 $9,800,000 Estimated costs to complete, as of December 31 9,600,000 0 Billings during the year 3,600,000 14,400,000 Collections during the year 2,400,000 15,600,000 Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2022 is a. $1,200,000.00 b. $1,600,000.00 c. $4,800,000.00 d. $6,400,000.00 Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total revenue to be recognized in 2022 is a. $1,200,000.00 b. $1,600,000.00 c. $4,800,000.00 d. $6,400,000.00 Now assume that Gomez uses the…Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2018 and was completed in 2019. Data relating to the contract are summarized below:2018 2019Costs incurred during the year $ 300,000 $ 1,575,000Estimated costs to complete as of 12/31 1,200,000 –0–Billings during the year 380,000 1,620,000Cash collections during the year 250,000 1,750,000Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2018 and 2019 assuming Nortelrecognizes revenue over time according to percentage of completionSantiago builders began construction work in 2021 for a project with contract price of P24,000,000. Santiago Builders uses percentage of completion. The financial statements for 2021 relating to the contract show the following: Accounts receivable. P 1,500,000 Construction in progress. 4,800,000 Contract billings to date. 4,500,000 Realized gross profit in 2021. 600,000 1.Compute the total cost incurred to date A.4,200,000. C. 5,400,000 B.4,800,000. D. 5,100,000 2.Compute the cash collection during 2021 A.3,000,000. C. 2,100,000 B.4,200,000. D. 3,900,000
- On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as itsoffice headquarters. The building was completed on September 30, 2019. Expenditures on the project were asfollows:January 1, 2018 $1,000,000March 1, 2018 600,000June 30, 2018 800,000October 1, 2018 600,000January 31, 2019 270,000April 30, 2019 585,000August 31, 2019 900,000On January 1, 2018, the company obtained a $3 million construction loan with a 10% interest rate. The loanwas outstanding all of 2018 and 2019. The company’s other interest-bearing debt included two long-termnotes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2018 and 2019. Interest is paid annually on all debt. The company’s fiscal year-end isDecember 31.Required:1. Calculate the amount of interest that Mason should capitalize in 2018 and 2019 using the specific interestmethod.2. What is the total cost of the building?3. Calculate the amount of…Mary Corporation has a branch in Caloocan. During 2021, the home office shippedto the branch supplies costing P156,000 at a billed price of 30% above cost. Theinventories of supplies at the branch were as follows: January 1, 2021 P110,000;December 31, 2021 128,000. On December 31, 2021, the home office holds inventoriesof P112,800 which includes P11,500 held on consignment and which excludes P5,000inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021? *Please answer in good Accounting form. Thanks!2020 2019 Receivable from Construction contract Costs incurred each year. Construction in progress Partial billings on contract Collection each year P252,000 P240,000 460,800 292,800 873,600 240,000 720,000 2,167,000 8. The gross profit recognize from the long term construction contract is: 2019 2020 a. P52,800 P52,800 P547,200 b. P40,800 P240,000 C. d. P40,800 P307,200 P120,000