Please do not give solution in image format thanku The accounting records of Fanzy Ltd shows the followinginventory and cost data for the year 2022 just endedCOST INCURED:- Direct labour cost70 000Purchases of raw materials120 000.Indirect labour45.000- Maintenance of factory equipment6 000Advertising expense90 000Insurance of factory equipment1.900-Sales salaries50 000-Rent of factory facilities24 000.Supplies3600Depreciation of office equipment4 500Depreciation of factory equipment17 000INVENTORY :End of the yearRaw materials$ 12 500Work in process15 150Finished goods18 100Beginning of the year$ 18 00010 30023 000REQUIRED:Prepare a schedule of the cost of the goodsmanufactured2. Prepare the multi-step income statement of theyear assuming that the total net sales were$ 500 000

The cost of goods manufactured refers to all the production cost involved in producing the…

Answered: Prepare a schedule of the cost of the…

Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
The following information has been taken from the accounting records of ABC Corporation for the year ended December 2020: $ Royalty expense Administrative expense 130,000 110,000 Selling Expenses 150,000 Raw Materials, Inventory, January 1 2020 100,000 Raw Material, Inventory, December 31 2020 80,000 Utilities, factory 46,000 Direct Labour Cost 250,00 Depreciation, factory 152,000 Purchases of Raw Materials 760,000 Sales 1,800,000 Insurance, factory 30,000 Supplies, factory 20,000 Administrative expenses 170,000 Indirect Labour 200,000 Maintenance, factory 97,000 Work in Process Inventory, January 1 2020 150,000 Work in Process Inventory December 31 2020 120,000 Finished Goods Inventory, January 1 2020 280,000 Finished Goods, Inventory December 31 2020 240,000…
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…
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 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.
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
The following transactions were taken from the books ofMasayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factorysupplies, P70,000.b. Issued raw materials to production, P400,000.c. Paid direct factory labor, P950,000.d. Paid indirect factory labor, P160,000.e. Consumed factory supplies in production, P80,000.f. Paid production supervisor’s salary, P60,000.g. Received factory utility bills for the month, P122,460.h. Depreciation of production assets for the month,P64,000.i. Units finished were 10,000 units in the amount ofP1,600,000.j. Sales for the month, P3,600,000. Goods related to salescost P1,800,000. Required: 1. Establish T-accounts for the following manufacturingaccounts and post corresponding beginning balances.Manufacturing Accounts Beginning BalancesRaw Materials Inventory P205,000Work-in-Process Inventory P630,000Finished Goods Inventory P360,000Indirect Materials Inventory P100,000Factory Overhead -2. Prepare…
Please Help Me ASAP For the year 2020, the following cost data pertain to the Leatherex Company's manufacturing activities: Costs of manufacturing overhead: Factory property taxes are $1,500. Factory 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 3,000 indirect materials 5,000 hours of indirect work Factory depreciation is 12,000 dollars. 3,000 in factory insurance $27,000 in total Other expenses incurred include: Direct material purchases totaled $16,000. $20,000 was spent on direct labour. Stockpiles: January 1st, direct materials $4,000 December 31st, direct materials $3,500.00 $3,000 for work in progress as of January 1st. December 31st, work in progress $3,750.00 January 1st, Finished Goods $3,850 December 31 Finished Goods $3,400 To apply manufacturing, the company uses a fixed overhead rate based on machine hour. Production costs include overhead. Last year, the cost was $5.00 per machine-hour. At the start of this, The production manager expected to…
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…