Exercise 3-2 (Algo) Prepare T-Accounts (LO3-2, LO3-4]Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during arecent month is shown below.a. $75,200 in raw materials were purchased for cash.b. $72,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $150,600 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was forindirect labor.d. Additional manufacturing overhead costs of $126.400 were incurred and paid.e. Manufacturing overhead of $120,600 was applied to production using the company's predetermined overhead rate.1. All of the jobs in process at the end of the month were completed.9. All of the completed jobs were shipped to customers.h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.Complete this question by entering your answers in the tabs below.Required 1Required 2Post the above transactions to T-accounts.CashRaw MaternalsBeg balBeg balEnd baiEnd. bal< Prev6- ot 8Next>raw

Journal entry becomes the base for the preparation of the ledgers accounts. Ledger accounts contain:…

Answered: Jurvin Enterprises is a manufacturing…

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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Question 2: - The following is the trial balance of Falcon Manufacturing Company as at March 31, 2018 Particular Rs. Particular Rs. Cash at Bank 38, 100 Indirect Labor 18, 400 Acc Receivables (net) 9, 420 Sales 496, 000 Dir Material Inv – April 1 30, 000 Sales Returns 16, 000 Work-in-process April 1 35, 725 Purchases of Material 48, 000 Fin Goods Inv April 1 19, 430 Carriage on Purchases 5, 000 Machine – Factory 600, 000 Purchases Returns 3, 000 Salary Expense 40, 500 Purchases Discount 1, 500 Machine – Office 200, 000 Direct Labor 86, 450 Acc Dep – Office machine 143, 700 Electricity 200, 000 Salary Payable 15, 500 Rent 75, 000 Indirect Material 25, 600 Depreciation (machine) 45, 000 The inventories as at March 31, 2018 are as…
Question 2: - The following is the trial balance of Falcon Manufacturing Company as at March 31, 2018 Particular Rs. Particular Rs. Cash at Bank 38, 100 Indirect Labor 18, 400 Acc Receivables (net) 9, 420 Sales 496, 000 Dir Material Inv – April 1 30, 000 Sales Returns 16, 000 Work-in-process April 1 35, 725 Purchases of Material 48, 000 Fin Goods Inv April 1 19, 430 Carriage on Purchases 5, 000 Machine – Factory 600, 000 Purchases Returns 3, 000 Salary Expense 40, 500 Purchases Discount 1, 500 Machine – Office 200, 000 Direct Labor 86, 450 Acc Dep – Office machine 143, 700 Electricity 200, 000 Salary Payable 15, 500 Rent 75, 000 Indirect Material 25, 600 Depreciation (machine) 45, 000 The inventories as at March 31, 2018 are as…
Q3) 4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019: Particulars Amount Raw materials inventory, January 1 $500,000 Raw materials inventory, December 31 50,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 100,000 Depreciation, factory 120,000 Purchase of raw materials 2,500,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 20,000 Administrative expenses 150,000 Indirect labor 200,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 31 100,000 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 150,000 Management wants these date organized in a better format so that financial statements can be prepared for the…
a) In a manufacturing company how many types of inventories can be kept? Briefly explain with example.b) The trial balance of RMG Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Additional information:1. Depreciation is Tk. 9,000 on the store equipment2. Supplies of Tk. 2,000 are on hand.3. Interest rate is 12%. Note payable was taken on July 31.4. Income tax rate is 20%.Required:Prepare a multiple-step income statement for the year ended November 30, 2017.
2 - Saray Mobilya AŞ is a manufacturer company. The company has pulled 25.000 TL of chipboard from the warehouse to the production department on…. What is the journal entry to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 620 Products Sold Cost 25,000 150 Raw Materials and Supplies 25.000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 710 Direct First Matter and Mat. Expense. 25.000 151 Semi-Finished Products-Production 25.000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 710 Direct First Matter and Mat. Expense. 25.000 150 Raw Materials and Supplies 25.000D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 730 General Production Expenses 25.000 151 Semi-Finished Products-Production 25.000E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 620 Products Sold Cost 25,000 151 Semi-Finished Products-Production 25.000
question 4 CTSha Sdn. Bhd., a local business involved in the manufacturing of plastic, metal and other moulds for a wide variety of industrial customers, had the following balances extracted from its books on 31 December 2020. Name of Account RM WIP - Raw materials, 1 January 2020 14,630 WIP - Factory wages, 1 January 2020 18,330 WIP - Factory overhead, 1 January 2020 21,660 Raw materials, 1 January 2020 36,700 Raw materials purchases 251,340 Transportation of raw materials 8,340 Custom duties on raw materials 9,600 Insurance on raw materials 3,500 Factory wages 285,430 Group accident insurance on factory workers 12,340 Depreciation of plant and factory machinery 48,000 Oils and lubricants 5,700 Factory supervisor's wages 30,400 Factory cleaner’s wages 12,300 Factory security's staff salaries 18,600 Factory repairs and maintenance 9,560 Factory insurance…
3. Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000
answer 2-5, please 2. LLC Service Inc. provides professional consultancy services to third-party firms. Professional staff arepaid P150 per hour, and their time is billed at P500 per hour. The firm estimates the following total costsfor the coming year:Estimated cost of professional staff P3,000,000 (20,000 hours of staff time)Estimated other costs (overhead) 4,000,000Total estimated costs P7,000,000ABC Corp. became a new client of the firm with job requirements of 100 hours of professional staff time.Present in a tabular format the total billing for the job.3. Compute for the total cost of the job in the previous item and the total profit which will be generatedby LLC Service Inc. from performing the services requested by ABC Corp.4. Water Pipe Manufacturing completes job #727 on January 10. The job used 45 direct labor hours and 40machine hours. The job consumed P3,200 worth of materials. The average direct labor rate is P70 perhour, and the company uses the predetermined overhead…
QUESTION – 3 The following data have been taken from the book of Ubaida Company Ltd. For the year 2002-03. Inventories July 1 June 30 Raw Materials Rs. 36,000 Rs. 75,000 Goods In Process 90,000 75,000 Finished Goods 50,000 75,000 IQRA University, Main Campus, Karachi From the desk of Mr. Muhammad Mubeen – M.Phil(Finance)-Bilkent, Ankara, Turkey, MS(Management Science), Karachi, FPFA-5516, CIB, CIPFA(UK) [Page 2 of 7] Cost Accounting Data for the Year Sales Rs. 960,000 Purchases ( Raw Materials ) Rs. 410,000 Purchase discount 15,000 Direct Labour incurred 175,000 Purchase Return 20,000 Transportation Inward 10,000 Rent (Factory) 35,000 Fuel & Power 55,000 Rent (Office) 3,000 Utility (Factory) 13,000 Utility (Office) 1,500 Transportation Outward 15,000 Factory Supervisor Salary 8,000 Depreciation ( Furniture) 10,000 Depreciation( Machines) 20,000 Other Operating Expenses 45,000 REQUIRED: a) Statement of Cost of Goods Manufactured b) Income Statement [S.M]
PROBLEM 2: BBB Company, your audit client for the current year included the followingitems under inventories: Raw materials P 1,400,000 Advances for materials ordered 200,000 Goods in process 650,000 Unexpired insurance on inventories 60,000 Advertising catalogs and shipping boxes 150,000 Finished goods in factory 2,000,000 Finished goods in company owned retail stores including 50% profit on cost 750,000 Finished goods in hands of consignees including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination, at cost 250,000 Finished…
Question 6- Previously answered incorrectly (attached) The following selected account balances are provided for Delray Mfg. Sales $ 1,250,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 53,900 Finished goods inventory, Dec. 31, 2016 62,750 Raw materials purchases 175,600 Direct labor 225,000 Factory computer supplies used 17,840 Indirect labor 47,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 94,000 General and administrative expenses 129,300 Raw materials inventory, Dec. 31, 2017 42,700 Work in process inventory, Dec. 31, 2017 41,500 Finished goods inventory, Dec. 31, 2017 67,300
GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…

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