Lawson Manufacturing Company has the following account balances at year end: Office supplies Raw materials Work-in-process Finished goods Prepaid insurance $4,000 25,000 61,000 109,000 6,000
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- Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet? a. P158,000 b. P162,000 c. P76,000 d. P72,000Black Mink Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Black Mink report as inventories in its balance sheet?Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet?
- The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
- The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)Gugusan Manufacturing, a family-owned business involved with producing stickers for homeand office use, has the following balances extracted from its books on 31 December 2022: Name of Accounts RM RM Raw materials, 1 January 2022 30,400Raw materials purchases 125,600Transportation of raw materials 8,500Custom duties on raw materials 2,800Factory wages 223,300Rent 96,000Depreciation of plant and factory machinery 23,600Depreciation of motor vehicles 36,000Oils and lubricants 1,800Factory supervisory’s salary 38,400General manager’s salary 80,000General expenses 6,000Utilities expenses 24,000Factory repairs and maintenance 4,800Sales returns 9,500Finished goods, 1 January 2022 58,300Advertising expense 10,500Salesmen’s commissions 32,700Salesmen's salaries 48,000Repairs to motor vehicles 12,000Selling expense 4,600Office wages & salaries 63,800Depreciation of office furniture 5,000Discounts allowed 8,400Bad debts expense 6,400Drawings 80,000Freehold land & buildings…XYZ Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP - Finished Goods - 1. Purchased material on accounts for Rs. 200,000 2. Defective material returned to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Direct material Direct Labor Job # 101 40,000 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare journal entries to record the…
- 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…
