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Question 1 Following are the balance of inventories on 1 Jan 2022 Finished Goods Work in process Material During the year: Sales Material purchases Labor cost (5% indirect) Indirect material (30% of ocst of direct material used) Equipment (70% used by factory) Equipment insurance Factory Rental Depreciation of office building Depreciation of office furniture Depreciation of equipment 400,000 250,000 190,000 1,000,000 600,000 400,000 1,500,000 90,000 13,000 100,000 12,000 20,000 150,000 31 Dec 2022 500,000 300,000 280,000 Other overhead Additional Information: • Rental is shared between office & factory on the ratio of 4:1 You are required to prepare the schedule of cost of goods manufactured & profit loss statement for the year ended 31 Dec 2022

Question 1 Following are the balance of inventories on 1 Jan 2022 Finished Goods Work in process Material During the year: Sales Material purchases Labor cost (5% indirect) Indirect material (30% of ocst of direct material used) Equipment (70% used by factory) Equipment insurance Factory Rental Depreciation of office building Depreciation of office furniture Depreciation of equipment 400,000 250,000 190,000 1,000,000 600,000 400,000 1,500,000 90,000 13,000 100,000 12,000 20,000 150,000 31 Dec 2022 500,000 300,000 280,000 Other overhead Additional Information: • Rental is shared between office & factory on the ratio of 4:1 You are required to prepare the schedule of cost of goods manufactured & profit loss statement for the year ended 31 Dec 2022

FINANCIAL ACCOUNTING
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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Question 1 Following are the balance of inventories on Finished Goods Work in process Material During the year: Sales Material purchases Labor cost (5% indirect) 1 Jan 2022 Depreciation of office building Depreciation of office furniture Depreciation of equipment 400,000 250,000 190,000 1,000,000 600,000 400,000 Indirect material (30% of ocst of direct material used) Equipment (70% used by factory) Equipment insurance Factory Rental 1,500,000 90,000 13,000 100,000 12,000 20,000 150,000 31 Dec 2022 500,000 300,000 280,000 Other overhead Additional Information: • Rental is shared between office & factory on the ratio of 4:1 You are required to prepare the schedule of cost of goods manufactured & profit loss statement for the year ended 31 Dec 2022
Transcribed Image Text:Question 1 Following are the balance of inventories on Finished Goods Work in process Material During the year: Sales Material purchases Labor cost (5% indirect) 1 Jan 2022 Depreciation of office building Depreciation of office furniture Depreciation of equipment 400,000 250,000 190,000 1,000,000 600,000 400,000 Indirect material (30% of ocst of direct material used) Equipment (70% used by factory) Equipment insurance Factory Rental 1,500,000 90,000 13,000 100,000 12,000 20,000 150,000 31 Dec 2022 500,000 300,000 280,000 Other overhead Additional Information: • Rental is shared between office & factory on the ratio of 4:1 You are required to prepare the schedule of cost of goods manufactured & profit loss statement for the year ended 31 Dec 2022
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