Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores32,000.00Wages100,000.00 40,000.00Chargeableexpenses10,000.004,000.00Materialsreturned tostores1,000.00The additional information are as follows:Factory overheads are 80% of wages.Office overheads are 25% of factory costand selling distribution overheads are 10%of cost of production. The complete jobsrealized Kshs. 410,000. You are required towrite up:i. Work- in-progress Ledger controlaccountii. Completed job ledger control accountandiii. Cost of sales account A) The following information for the yearended 31 December 2020 is obtainedfrom the books and records of afactory:stCompleted Work-in-Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.0032,000.00supplied fromstores100,000.00 40,000.00WagesChargeableexpenses|10,000.004,000.001,000.00Materialsreturned tostoresThe additional information are as follows:Factory overheads are 80% of wages.Office overheads are 25% of factory costand selling distribution overheads are 10%of cost of production. The complete jobs

Name: Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Jobs(K.Shs) Progress(K.Shs)Raw materials 80,000.00supplied fromstores32,000.00Wages100,000.00 40,000.00Chargeableexpenses10,000.004,000.00Materialsreturned tostores1,000.00The additional information are as follows:Factory overheads are 80% of wages.

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Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 supplied from stores 32,000.00 Wages 100,000.00 40,000.00 Chargeable expenses 10,000.00 4,000.00 Materials returned to stores 1,000.00 The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs realized Kshs. 410,000. You are required to write up: i. Work- in-progress Ledger control account

Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 supplied from stores 32,000.00 Wages 100,000.00 40,000.00 Chargeable expenses 10,000.00 4,000.00 Materials returned to stores 1,000.00 The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs realized Kshs. 410,000. You are required to write up: i. Work- in-progress Ledger control account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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…
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…
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…
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1. Cabundoc Manufacturing provides the following information for 2020. The ending work in process is? Ending Work in process = Opening raw materials inventory 70000 Closing raw materials inventory 60000 Opening work in process inventory 150000 Raw materials available for use 410000 Direct labor cost 300000 Factory overhead 337500 Cost of goods manufactured 836000 2. The following information was reported by AS Company for the month of September, 2019. Assuming that mark-up is 100% on the cost price, and the total operating expenses is 256000, the net income before tax is? Net income before tax = September 1 September 30 Direct materials 80000 100000 Work in process finished goods 50000 70000 Finished goods 120000 140000 Direct labor cost 240000 Factory overhead 216000 Cost of goods sold 766000 3. The total work in process is 330000. The beginning work in process is 30000…
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
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Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct Materials $72,000 $65,000Work-in-Process $107,000 $128,000Finished Goods $149,500 $141,700Other 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 profit 1 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:…
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