Q # 5 The following data pertain to Spartan Products Company: Sales Revenue 1,000,000 Direct materials inventory, Jan 1, 2004 20,000 Direct labor-Wages 350,000 Depreciation expense-Plant and equipment 80,000 Indirect labor-Wages 5,000 Heat, Light, and power - Plant 12,000 Supervisor's salary-Plant
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Q # 5
The following data pertain to Spartan Products Company:
|
Sales Revenue |
1,000,000 |
|
Direct materials inventory, Jan 1, 2004 |
20,000 |
|
Direct labor-Wages |
350,000 |
|
|
80,000 |
|
Indirect labor-Wages |
5,000 |
|
Heat, Light, and power - Plant |
12,000 |
|
Supervisor's salary-Plant |
40,000 |
|
Finished goods inventory, Jan 1, 2004 |
35,000 |
|
Work in Process inventory, Dec, 31, 2004 |
25,000 |
|
Supplies-Administrative office |
6,000 |
|
Property taxes-Plant |
13,000 |
|
Finished goods inventory, Dec 31, 2004 |
40,000 |
|
Direct materials inventory, Dec 31, 2004 |
30,000 |
|
Sales representative's salaries |
190,000 |
|
Work in Process inventory, Jan, 1, 2004 |
35,000 |
|
Direct materials purchases |
100,000 |
|
Supplies-Plant |
4,000 |
|
Depreciation-Administrative office |
30,000 |
Required
Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31, 2004,
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- Q.4. The following data pertain to Spartan Products Company: Sales Revenue 1,000,000 Direct materials inventory, Jan 1, 2004 20,000 Direct labor-Wages 350,000 Depreciation expense-Plant and equipment 80,000 Indirect labor-Wages 5,000 Heat, Light, and power – Plant 12,000 Supervisor's salary-Plant 40,000 Finished goods inventory, Jan 1, 2004 35,000 Work in Process inventory, Dec, 31, 2004 25,000 Supplies-Administrative office 6,000 Property taxes-Plant 13,000 Finished goods inventory, Dec 31, 2004 40,000 Direct materials inventory, Dec 31, 2004 30,000 Sales representative's salaries 190,000 Work in Process inventory, Jan, 1, 2004 35,000 Direct materials purchases 100,000 Supplies-Plant 4,000 Depreciation-Administrative office…Q-1: The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: (5-Marks) Sales ..................................................$555,000 Costs incurred: Direct labor cost ..............................$66,000 Purchases of raw materials............ $118,000 Manufacturing overhead................ $70,000 Advertising expense........................ $90,000 Sales salaries.................................... $55,000 Depreciation, office equipment......$3,000 Date: ............................1/1/2020 to 31/12/2020 Inventories: Raw materials ......$8,000 ............$26,000 Work in process ...$15,000.......... $12,000 Finished goods .....$21,000......... $35,000 Calculate then report the number only: Step-1: calculate the Cost of goods Manufactured : ............. Step- 2: Calculate the Cost of good available for sale: ........... Step-3: Calculate the Gross Margin (income before non manufacturing overhead) :…Q No.# 2 The following data were taken from the records of a company. Period 1 Period 2 Period 3 Production(units) 30,000 38000 27000 Sales 30,000 27000 38000 Opening stock 11,000 Closing stock ------ 11,000 ------- Per unit cost are as follows: Direct material $ 1.5 Direct labor 1.0 Production overhead 3.0 Selling price per unit $ 9…
- Q # 1: The income statement for the Stylo Company for the past year is: Sales (150000 units @ $30) $4,500,000 Cost of Goods Sold: Materials $1,050,000 Labour 1,500,000 Variable FOH 450,000 Fixed FOH 500,000 3,500,000 Gross Profit $1,000,000 Variable Marketing Expenses $ 135,000 Fixed Marketing Expenses 185,000 Fixed Administrative Expenses 180,000 500,000 Income before Tax $ 500,000 Income Tax 250,000 Net Inco me $ 250,000 Woodstock is preparing its budget for the coming year and has made the following predictions about cost increases: material 5%, labour 8%, all other costs including fixed 6%. Productive capacity is 200,000 units. The president has been offered various proposals by the division managers as follows: Maintain the present volume and sales price Produce and sell at capacity and reduce the unit price $28. Raise the unit price to $32,…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) P60,000Q#3 HASF Corporation began operations at the beginning of the current year. one of the year company product a compressor sells for 370 per unit’s information related to the current year activities follows Variable cost per unit Direct material 40 Direct labor 74 Manufacturing overhead 96 Annual fixed cost Manufacturing cost 1,200,000 Selling and administrative 1,720,000 Sales and production Sales in units 20,000 Production 24,000 Required - Cost of the December 31 finished goods inventory Net income for the current year Dec 31 If next year production decrease to 22,500 units and general cost behavior patterns do not change what is the likely effect on The direct labor cost of 74 per…
- Q. The following data were taken from the records of a company. Period 1 Period 2 Period 3 Production(units) 30,000 38000 27000 Sales 30,000 27000 38000 Opening stock 11,000 Closing stock ------ 11,000 ------- Per unit cost are as follows: Direct material $ 1.5 Direct labor 1.0 Production overhead 3.0 Selling price per unit $ 9…Q. The following data were taken from the records of a company. Period 1 Period 2 Period 3 Production(units) 30,000 38000 27000 Sales 30,000 27000 38000 Opening stock 11,000 Closing stock ------ 11,000 ------- Per unit cost are as follows: Direct material $ 1.5 Direct labor 1.0 Production overhead 3.0 Selling price per unit $ 9…Subject: Business Economics QUESTION – 3The following data have been taken from the book of Ubaida Company Ltd. For the year 2002-03.Inventories July 1 June 30Raw Materials Rs. 36,000 Rs. 75,000Goods In Process 90,000 75,000Finished Goods 50,000 75,000 Data for the YearSales Rs. 960,000 Purchases ( Raw Materials ) Rs. 410,000Purchase discount 15,000 Direct Labour incurred 175,000Purchase Return 20,000 Transportation Inward 10,000Rent (Factory) 35,000 Fuel & Power 55,000Rent (Office) 3,000 Utility (Factory) 13,000Utility (Office) 1,500 Transportation Outward 15,000Factory Supervisor Salary 8,000 Depreciation ( Furniture) 10,000Depreciation( Machines) 20,000…
- 4. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…ILLUSTRATION 2: N Stock of Finished Goods January 1st 12,660 December 31st 17,845 Stock of Raw Materials: January 1st 8,040 December 31st 7,160 Sales 464,000 Office rent 2,625 Office rates 1,000 Purchases of Raw Materials 95,000 Carriage Inward on Raw Materials 2,355 Manufacturing wages 132,150 Factory expenses 9,140 Depreciation: Plant and Machinery 16,250 Delivery vans 3,125 Stock of Work in Progress: January 1st 4,370 December 31st 4,735 Factory Fuel 9,175 Advertising 2,585 Van running expenses 11,575 Salesmen's Commission 3,565 Maintenance of factory equipments 54,000 Lighting (3/5 factory) (2/5 office) 40,000 Salaries (factory 7,500) 25,000 Insurance (factory 16,000) 22,400 The following shows the figures extracted from the books of Ojolo, a manufacturer for the yer ended 31st December, 2009. You are required to prepare the Manufacturing, Trading, Profit and Loss account for the year ended 31st December, 2009QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement