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Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021| $230,000 $260,000 $24,000 Inventory Raw Materials Factory Supplies Work in Progress $348,300 | $203,300 Finished Goods $35,000 $632,900 $485,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ' Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance 2 $5.731,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries | Advertising & Selling Expenses "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. 3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: tiva Cears OMOC. used by Person sthe total .rad costs incurred by Pprsona during the perjod fnntaured LOr the I June 30, 2021, e showing total manufacturing po naed June 30, 2021. Ardarof vize vartino with the larne g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a morchandising ontity?

Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021| $230,000 $260,000 $24,000 Inventory Raw Materials Factory Supplies Work in Progress $348,300 | $203,300 Finished Goods $35,000 $632,900 $485,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ' Production Supervisor's Salary Design Costs (School Logo) Packaging Cases Cost Total Insurance 2 $5.731,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes 3 Administrative Wages & Salaries | Advertising & Selling Expenses "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. 3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: tiva Cears OMOC. used by Person sthe total .rad costs incurred by Pprsona during the perjod fnntaured LOr the I June 30, 2021, e showing total manufacturing po naed June 30, 2021. Ardarof vize vartino with the larne g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a morchandising ontity?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
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Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021 $260,000 $24,000 Inventory Raw Materials $230,000 Factory Supplies Work in Progress $348,300 | $203,300 Finished Goods $35,000 $632,900 $485,000 Other information: Sales Revenue $5.731,000 64,000 792,000 560,000 Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ' Production Supervisor's Salary |Design Costs (School Logo) Packaging Cases Cost Total Insurance 2 Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes I Administrative Wages & Salaries Advertising & Selling Expenses 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. 3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: Peatestive Cears & MOe used by Person sthe total fat read costs incurred by PerSonal vrae during the perjoda inatured dad June 30, 2021, ciely showing total manufacturing cot nded June 30, 2021. in order of vize tartino with the larnest g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Transcribed Image Text:Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production, the masks are placed into individual cases, before being transferred into Finished Goods. The accounting records of the business reflect the following data at June 30, 2021, for the manufacturing of masks for Mount Marlie High School. 1/7/2020 30/6/2021 $260,000 $24,000 Inventory Raw Materials $230,000 Factory Supplies Work in Progress $348,300 | $203,300 Finished Goods $35,000 $632,900 $485,000 Other information: Sales Revenue $5.731,000 64,000 792,000 560,000 Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Total Utilities ' Production Supervisor's Salary |Design Costs (School Logo) Packaging Cases Cost Total Insurance 2 Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes I Administrative Wages & Salaries Advertising & Selling Expenses 37,000 186,000 481,250 450,000 26,000 42,000 168,000 181,500 53,290 240,000 801,250 1% of Sales Revenue "Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 Of the total insurance, 66%% relates to the Factory Plant & Equipment & 33%% relates to general & administrative costs. 3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: Peatestive Cears & MOe used by Person sthe total fat read costs incurred by PerSonal vrae during the perjoda inatured dad June 30, 2021, ciely showing total manufacturing cot nded June 30, 2021. in order of vize tartino with the larnest g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
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