Prepare a COST SHEET, From the following particulars, prepare a cost statement showingcomponents of Total cost and the Profit for the year ended 31st December, 2019 Calculate Prime cost, 10% of work cost, 15% of Cost of production and Profit with 50% sales of year Stock of finished goods 1 January, 2019Stock of raw materials 1 January, 20197,50078,000Purchase of raw materials7,60,000Carriage inwardsWagesWorks Manager's salaryFactory employees salaryFactory rent, Taxes and Insurance6,0003,50,00045,00095,00012,000Power expensesOther production expenses17,50045,000General expensesSales for the year55,00014,00,000Stock of finished goods, 31* December, 201929,000Stock of raw materials, 31“ December, 201950,000

Cost Sheet of the business shows all direct, indirect, factory and office costs that are incurred in…

Prepare a COST SHEET, From the following particulars, prepare a cost statement showing components of Total cost and the Profit for the year ended 31st December, 2019 Calculate Prime cost, 10% of work cost, 15% of Cost of production and Profit with 50% sales of year

Prepare a COST SHEET, From the following particulars, prepare a cost statement showing components of Total cost and the Profit for the year ended 31st December, 2019 Calculate Prime cost, 10% of work cost, 15% of Cost of production and Profit with 50% sales of year

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

See similar textbooks

Similar questions

John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
The following extract of costing information relates to a commodity A for the halfyear ending 31:12.2020PARTICULARSPurchase of raw. materialsWorks OvetheadsDirect WagesCarriage on purchasesStock (1.7.2018) Raw MäterialsFinished Products (1000 Tonnes)Stock (31.12.2018) Raw MaterialsWork in progress (WIP)1.7.201831.12.2018Sales of finished productsAMOUNT (R$)• 1.20.00048.0001.00.0001,44020,00016.00022.2404.80016,0003.00.000Selling and distribution overheads are Re.1 per ton sold. 16,000 tonnes of commodity wereproduced during the period. Prepare a cost sheet.
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?
Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500
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 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.
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales…