Required Prepare separate income statements for all three year
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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
Administrative
Required
Prepare separate income statements for all three year
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- 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…Q#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…
- The following data were taken from the records of a company. peroiod 1 period 2 period 3 production units 30000 38000 27000 sales 30000 27000 38000 Opening stock 11,000Closing stock ------ 11,000 ------- Per unit cost are as follows:Direct material $ 1.5Direct labor 1.0Production overhead 3.0Selling price per unit $ 9Administrative overheads are fixed at $25000 and one third of the production overheads are fixed. RequiredPrepare separate income statements for all three years.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, 2009B spikes Trial Balance as on 31 December 2002 Dr(Kshs) Cr(Kshs) Stock of raw materials 1.1.2002 21,000 Stock of finished goods 1.1.2002 38,900 Work in progress 1.1.2002 13,500 Wages(direct Sh.180,000: factory indirect Sh.145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost Sh.280,000) 230,000 Accounting machinery (cost Sh.20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administrative Salaries 44,000 Sales representatives’ salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discounts allowed…
- Q1) A company has the following accounts’ balances at the end of the year: Building (Net) 20 year life left $ 4,000,000. The replacement cost for the Building is 4,500,000 USD. Inventory 40,000 unit at $20 each with a replacement cost $22. And cost of goods sold of $500,000 with a replacement cost of 520,000. Required: Indicate how the above information would affect the financial statements of the company when adopting the current cost accounting model. You need to determine the realized and unrealized profit.2 ABC supplier incurred the following actual costs during the year just ended: Direct material used $210,500 Direct labour 185 000 Manufacturing overhead 380,000. The inventory balances, on 1 January, were as follows: Raw material $47 000 Work in process $61 500 Finished goods $60 000. Each of these inventory balances was 10 percent higher at the end of the year. The cost of goods sold is: Select one: a. $765,250 b. $762,850 c. $760,000 d. None of the answers given 3 David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020 Direct labour $190,000 Manufacturing overhead $278, 000. The inventory balances, on 1 January, were as follows: Raw material $47 000; Work in process $61 500 Finished goods $65 000. Each of these inventory balances was 10 percent lower at the end of the year. The cost of goods manufactured is: Select one: a. None of the answers given b. $674,000 c. $670,000 d. 650,000 4 ABC Ltd prepares…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…
- Question 8.1 T2 Manufacturing Ltd. manufactures electrical parts. Data for two of the company's customers is as follows: Customer 1 Customer 2 Revenues at list price $592,500 $102,000 Units sold 75,000 10,000 Unit list price $7.90 $10.20 Cost of goods per unit $5.10 $6.25 Sales discounts $11,850 $1,020 Customer-specific costs Order-taking $13,600 $1,500 Product-handling $14,100 $1,350 Delivery $9,400 $1,290 Required: Prepare a comparative income statement in gross margin format with one column for each customer; present customer-specific costs as period expenses.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) :…Line Item Description 20X1 20X2 Current assets: Accounts receivable $750,000 $582,500 Inventories 300,000 320,000 Current liabilities: Wages payable 700,000 515,000 Davis CompanyIncome StatementFor the Year Ended December 31, 20X2 Line Item Description Amount Amount Revenues $3,000,000 Cost of goods sold 1,920,000 Gross margin $1,080,000 Operating expenses Depreciation 270,000 Operating income $ 810,000 Other revenues and expenses Gain on sale of equipment 100,000 Interest expense 10,000 90,000 Net income $ 900,000 Required: Compute operating cash flows using the indirect method.