KES Raw materials Work-in-progress Finished goods Stock on 31"October 2012 40,000 12,000 20,000 KES 35,000 17,000 23,000 250,000 80,000 30,000 10,000 5,000 15,000 13,000 7,000 18,000 6,000 500,000 Raw materials Work-in-progress Finished goods Purchases of raw material for October Factory wages Salaries of supervisors Factory rent Power Sundry factory expenses Office salaries Sundry office expenses Salesmen's salaries Sundry selling expenses ales quired: Prepare a production cost statement. Prepare a profit statement.

KES Raw materials Work-in-progress Finished goods Stock on 31"October 2012 40,000 12,000 20,000 KES 35,000 17,000 23,000 250,000 80,000 30,000 10,000 5,000 15,000 13,000 7,000 18,000 6,000 500,000 Raw materials Work-in-progress Finished goods Purchases of raw material for October Factory wages Salaries of supervisors Factory rent Power Sundry factory expenses Office salaries Sundry office expenses Salesmen's salaries Sundry selling expenses ales quired: Prepare a production cost statement. Prepare a profit statement.

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…
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) P60,000
Ethel Company provided the following information asof May 31, 2020SalesP900,000Finished goods inventory, May 31300,000Work in process inventory,May 31 350,000Raw materials inventory, May 31280,000Finished goods inventory, May 1200,000Work in process inventory,May310,000Raw materials inventory, May250,000Direct labor150,000Factory overhead110,000The average historical gross profit is 30% of salesWhat is the total manufacturing cost? How much was the total raw materials used? How much was the total raw materials purchased?
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:…
The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.
Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
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) 75,000 288
Golden Ventures has the following inventories for the month of December 2020: December 1 December 31 Materials P 18,000 P 14,000 Work-in-process 32,000 24,800 Finished goods 72,000 60,000 During December, purchases of direct materials were P 36,000. Direct labor and factory overhead costs were P 40,000 and P56,000 respectively. The cost of goods manufactured in December was Group of answer choices P 155,200 P 143,200 P 148,000 P 136,000
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.
What is the total costs of work in process at December 31, 2021 in Department C? P40,932.58 P46,035.41 P42,352.58 P22,097.00
Presented below are incomplete 2019 manufacturing cost data for ABC Inc. Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) $48,000 $72,000 ? $194,000 (b) $95,000 ? $80,000 $305,000 (c) ? $80,000 $120,000 $260,000 Instructions: Determine the missing amounts.
During 2022 Concord Manufacturing expected Job 25 to cost $74100 of overhead, $129100 of material, and $24500 in labour. Caruba applied overhead based on direct labour cost. Actual production required an overhead cost of $79900, $140400 in materials used, and $19600 in labour. All of the goods were completed. What amount was transferred to Finished Goods Inventory? $207980 $227700 $239900 $219280