Q.2. The lollowing information has been taken from the job order cost systemi used byAADIL & C),leaving $2,000 underapplied that was closed into the cost of goods sold account. TotalPRODUCTION COST IN JULYBALANCE JULY 1, 2006Rs.140,000108,00030,00050,000JOB #2122Rs.166,000130,000200,000121,00080,0002324252627OTHER INFORMATION:During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold onaccount at 25% above cost.REQUIRED:A- COMPUTE1. Cost of finished goods inventory - beginning2. Cost of goods in proce:s inventory-beginning3. Cost of finished goods inventory- ending4. Cost of goods in process inventory-ending5. Cost of goods manufactured6. Cost of goods sold7. Sales revenueScanned with CamScannerUIOnder Costineginning of Mlay, tadmiet was $9,000. Factory overhead was applied at a rate of 100% of direct labor cost,ob # 372700marketing and administrative expenses amounted to 10% and 15%, respectively, of thegross sales.Required:(1) Prepare a balance sheet as of December 31, 19B.(2) Prepare an income statement for the year 19B, with details of the cost of goodsmanufactured and sold.jobs # 373,000 and(AICPA adapted)t labor

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Q.2. The lollowing information has heen taken from the job order cost systemi used by AADIL & C), JOB # BALANCE JULY 1, 2006 | PRODUCTION COST IN JULY 21 Rs.140,000 108,000 30,000 50,000 ----- --- 22 23 Rs.166,000 130,000 200,000 121,000 80,000 24 25 26 27 OTHER INFORMATION: During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold on account at 25% above cost. REQUIRED: A- COMPUTE 1. Cost of finished goods inventory - beginning 2. C'ost of goods in proce:s inventory-beginning 3. Cost of finished goods inventory- ending

Q.2. The lollowing information has heen taken from the job order cost systemi used by AADIL & C), JOB # BALANCE JULY 1, 2006 | PRODUCTION COST IN JULY 21 Rs.140,000 108,000 30,000 50,000 ----- --- 22 23 Rs.166,000 130,000 200,000 121,000 80,000 24 25 26 27 OTHER INFORMATION: During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold on account at 25% above cost. REQUIRED: A- COMPUTE 1. Cost of finished goods inventory - beginning 2. C'ost of goods in proce:s inventory-beginning 3. Cost of finished goods inventory- ending

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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