Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash 8,200| Notes Payable 41,000 Accounts Payable 23,000 Taxes Payable 31,800 Rent Payable 4,000 Dividend Payable 11,700 200 3,200 12,350 Accounts Receivable Notes Receivable 1,500 1,020 300 Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Sales Common Stock 93,500 Retained Earnings 16,000 Accumulated Depreciation 320 35,000 10,000 34,570 20,000 Direct Labor 33,000 8,520 5,580 Indirect Material Indirect Labor Depreciation - Factory 5,400 6,500 Utility - Factory Carriage outward Advertising Salesmen Salary Foreman Salary 460 175 565 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Iaventories at December 31st, 2018 Rs. Material 3,520 2,500 Work in Process Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 10096 of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31st, 2018.

The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash 8,200| Notes Payable 41,000 Accounts Payable 23,000 Taxes Payable 31,800 Rent Payable 4,000 Dividend Payable 11,700 200 3,200 12,350 Accounts Receivable Notes Receivable 1,500 1,020 300 Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Sales Common Stock 93,500 Retained Earnings 16,000 Accumulated Depreciation 320 35,000 10,000 34,570 20,000 Direct Labor 33,000 8,520 5,580 Indirect Material Indirect Labor Depreciation - Factory 5,400 6,500 Utility - Factory Carriage outward Advertising Salesmen Salary Foreman Salary 460 175 565 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Iaventories at December 31st, 2018 Rs. Material 3,520 2,500 Work in Process Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 10096 of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31st, 2018.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.5APR: Multiple-step income statement and report form of balance sheet The following selected accounts and...
See similar textbooks
icon
Related questions
Question

Hi 

I hope you are health is good

 

Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash Notes Payable 8,200 41,000 Accounts Payable 23,000 Taxes Payable 31,800 Rent Payable 4,000 3,200 12,350 Accounts Receivable 1,500 1,020 Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Dividend Payable 500 Finished Goods (1-1--2018) 11,700 Sales 35,000 10,000 Prepaid Insurance 200 Common Stock 93,500 Retained Eamings Accumulated Depreciation Machinery & Equipment 34,570 Purchased of Material 16,000 20,000 Carriage inward 520 Direct Labor 33,000 Indirect Material 8,520 5,580 Indirect Labor Depreciation - Factory 5,400 Utility - Factory Carriage outward Advertising Salesmen Salary 6,500 460 175 565 Foreman Salary 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material 3,520 2,500 Work in Process Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,48o. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31st, 2018.
Transcribed Image Text:Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash Notes Payable 8,200 41,000 Accounts Payable 23,000 Taxes Payable 31,800 Rent Payable 4,000 3,200 12,350 Accounts Receivable 1,500 1,020 Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Dividend Payable 500 Finished Goods (1-1--2018) 11,700 Sales 35,000 10,000 Prepaid Insurance 200 Common Stock 93,500 Retained Eamings Accumulated Depreciation Machinery & Equipment 34,570 Purchased of Material 16,000 20,000 Carriage inward 520 Direct Labor 33,000 Indirect Material 8,520 5,580 Indirect Labor Depreciation - Factory 5,400 Utility - Factory Carriage outward Advertising Salesmen Salary 6,500 460 175 565 Foreman Salary 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material 3,520 2,500 Work in Process Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,48o. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31st, 2018.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Health, Disability and Long Term Care Insurance
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS