Q4. The following information pertains to the most recent quarter atprecious production limited-Purchases of raw materials360 000raw material inventory beginning 40,000raw material inventory ending68,000depreciation factory168000insurance factory20,000direct labour240,000maintenance, factory120,000administrative expenses280000sales1800000utilities, factory108000supplies, factoryselling expenses4000320,000indirect labourwork in process inventory, 28,000beginning260,000work in process inventory, ending 120,000finishedgoodsinventory, 40,000beginningfinished goods inventory, ending160,000Prepare a schedule of cost of goods manufactured and incomestatement

Income statement means the statement which show the cost of goods sold and selling price and give…

Q4. The following information pertains to the most recent quarter at precious production limited- Purchases of raw materials 360 000 raw material inventory beginning 40,000 raw material inventory ending depreciation factory insurance factory 68,000 168000 20,000 direct labour 240,000 maintenance, factory administrative expenses 120,000 280000 sales 1800000 utilities, factory supplies, factory selling expenses 108000 4000 320,000 indirect labour 260,000 work in process inventory, 28,000 beginning work in process inventory, ending 120,000 finished goods inventory, 40,000 beginning finished goods inventory, ending 160,000 Prepare a schedule of cost of goods manufactured and income statement

Q4. The following information pertains to the most recent quarter at precious production limited- Purchases of raw materials 360 000 raw material inventory beginning 40,000 raw material inventory ending depreciation factory insurance factory 68,000 168000 20,000 direct labour 240,000 maintenance, factory administrative expenses 120,000 280000 sales 1800000 utilities, factory supplies, factory selling expenses 108000 4000 320,000 indirect labour 260,000 work in process inventory, 28,000 beginning work in process inventory, ending 120,000 finished goods inventory, 40,000 beginning finished goods inventory, ending 160,000 Prepare a schedule of cost of goods manufactured and income statement

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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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.
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) P60,000
The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
According to the information given in the table below, which of the following is Raw materials consumed? Opening Stock Raw Materials 32300 Purchases 128800 Freight in 4950 Sales return 2350 Wages paid to labor 78900 Closing Stock Raw Materials 28400 Select one: a. 135300 b. 149900 c. 143700 d. 137650
If the beginning finished goods inventory 250 000 ID , prime cost 250 000 ID , ending finished goods inventory 160 000 ID , manufacturing overhead expenses 180 000 ID , cost of goods manufactured 1224 000 ID , the cost of goods sold are : - a - 1314 000 ID. b - 2184 000 ID . c - 1824 000 ID .
The following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
An entity provided the following information for the current year:Increase in raw materials inventory 150,000 Decrease in goods in process inventory 200,000 Decreased in finished goods inventory 350,000 Raw materials purchased 4,300,000 Direct labor payroll 2,000,000 Factory overhead 3,000,000 Freight out 450,000 Freight in…
The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw material stock 1/1/20X9 45.000€ Raw material stock 31/12/20X9 41.000€ Stock of semi-finished products 1/1/20X9 36.000€ Stock of semi-finished products 31/12/20X9 31.000€ Stock of ready-made products 1/1/20X9 23.000€ Stock of ready-made products 31/12/20X9 31.000€ Purchases of raw materials 115.000€ Direct labour costs 29.000€ Indirect labour costs 23.000€ Factory insurance premiums 12.500€ Miscellaneous factory outlets 6.500€ Machine depreciation 8.500€ Depreciation of production department equipment 3.500€ Maintenance of machinery 4.000€ Sales expenses 15.000€ Administrative expenses 29.000€ Distribution costs 8.000€ Revenue from product sales 543.000€ Requested: The report of the cost of produced The profit and loss statement for the financial year
The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw material stock 1/1/20X9 45.000€ Raw material stock 31/12/20X9 41.000€ Stock of semi-finished products 1/1/20X9 36.000€ Stock of semi-finished products 31/12/20X9 31.000€ Stock of ready-made products 1/1/20X9 23.000€ Stock of ready-made products 31/12/20X9 31.000€ Purchases of raw materials 115.000€ Direct labour costs 29.000€ Indirect labour costs 23.000€ Factory insurance premiums 12.500€ Miscellaneous factory outlets 6.500€ Machine depreciation 8.500€ Depreciation of production department equipment 3.500€ Maintenance of machinery 4.000€ Sales expenses 15.000€ Administrative expenses 29.000€ Distribution costs 8.000€ Revenue from product sales 543.000€ Requested: The report of the cost of producing The profit and loss statement for the financial year
Objective 3 - Define tangible and intangible products, and explain why thereare different product cost definttions., 4 - Prepare income statements formanufacturing and service organizations.Ellerson Company provided the following information for the last calendaryear.Beginning inventory:Direct materials $68,000Work in process 29,400Finished goods 43,200Ending inventory:Direct materials $70,400Work in process 40,000Finished goods 42,100During the year, direct materials purchases amounted to $278,000, directlabor cost was S189,000, and overhead cost was $523,000. During the year,100,000 units were completed.Required:1, Calculate the total cost of direct materials used in production.2. Calculate the cost of goods manufactured. Calculate the unit manufacturingcost.3. Of the unit manufacturing cost calculated in Requirement 2, $2. 70 is directmaterials and S5.30 is overhead. What is the prime cost per unit? Conversioncost per unit?
The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
Inventory (01/10/18)Raw materials 28800Work in progress 37000Finished goods 33600Sales (114000 @c5) 57000Carriage on raw materials 1470General expenses 25200Selling expenses 51840Plant and machinery 250280Land 50000Bank overdraft 32120Retained earnings 816Ordinary share capital 2000008% preference share 22000Goodwill 40000Bad debts 830Trade receivables 36433Discount allowed 1440Sundry payable 56636Trade investment 8840Advertising 2250Return inwards 9000Discount received 1920Carriage outwards 2280Production wages 126000Office salaries 4860Purchases of raw materials 168000Noodles 15000Factory rent 13600Office insurance 40800Depreciation on plant and machinery 4920InventoryRaw materials 35400Work in progress 39120Loose tools 3000Additional informationDuring the year, 129000 pieces were completed. The closing inventory of finished goods is valued at the cost price per nose mask produced.Goods manufactured during the year are to be transferred to the trading account at GHc 390000.Provide…