The following information has been taken from the accounting records of ABC Corporation for the year ended December 2020: $ Royalty expense Administrative expense 130,000 110,000 Selling Expenses 150,000 Raw Materials, Inventory, January 1 2020 100,000 Raw Material, Inventory, December 31 2020 80,000 Utilities, factory 46,000 Direct Labour Cost 250,00 Depreciation, factory 152,000 Purchases of Raw Materials 760,000 Sales 1,800,000 Insurance, factory 30,000 Supplies, factory 20,000 Administrative expenses 170,000 Indirect Labour 200,000 Maintenance, factory 97,000 Work in Process Inventory, January 1 2020 150,000 Work in Process Inventory December 31 2020 120,000 Finished Goods Inventory, January 1 2020 280,000 Finished Goods, Inventory December 31 2020 240,000 Required: Prepare a schedule of cost of goods manufactured for the period ending December 31, 2020 Prepare the income statement showing the profit for the period ending December 31 2020

The following information has been taken from the accounting records of ABC Corporation for the year ended December 2020: $ Royalty expense Administrative expense 130,000 110,000 Selling Expenses 150,000 Raw Materials, Inventory, January 1 2020 100,000 Raw Material, Inventory, December 31 2020 80,000 Utilities, factory 46,000 Direct Labour Cost 250,00 Depreciation, factory 152,000 Purchases of Raw Materials 760,000 Sales 1,800,000 Insurance, factory 30,000 Supplies, factory 20,000 Administrative expenses 170,000 Indirect Labour 200,000 Maintenance, factory 97,000 Work in Process Inventory, January 1 2020 150,000 Work in Process Inventory December 31 2020 120,000 Finished Goods Inventory, January 1 2020 280,000 Finished Goods, Inventory December 31 2020 240,000 Required: Prepare a schedule of cost of goods manufactured for the period ending December 31, 2020 Prepare the income statement showing the profit for the period ending December 31 2020

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: Manufacturing Accounts Beginning Balances Raw Materials Inventory P205,000 Work-in-Process Inventory P630,000 Finished Goods Inventory P360,000 Indirect Materials Inventory P100,000 Factory Overhead - 1. Post entries to T-accounts. 2. Prepare statement of Cost of Goods Manufactured in good form.…