The information below is relating to Ibra Manufacturing Company's operations for a recent month. Item Cost Item Rent on manufacturing equipment Sales salaries OMR 2000 OMR 1000 Insurance on manufacturing building Raw materials OMR 750 R OMR 80 Advertising cost Factory repairs Depreciation on delivery trucks | Manufacturing utilities Office supplies Wages for assembly workers Repairs to office equipment Depreciation on office equipment OMR 3000 OMR 800 OMR 200 OMR 1000 OMR 800 OMR 3000 OMR 6000 OMR 650 Instructions: Prepare the period cost schedule for the month
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: 1. Direct material used in production=Opening direct material + Raw material purchased-Closing…
Q: I. ABC company had the following expenses in June. $ 130,000 65,000 12,000 Direct labor Factory…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: During the month, Job AB2 used specialized machinery for 450 hours and incurred $550 in utilities on…
A: Predetermined overhead rate = Estimated manufacturing overhead / Estimated direct labor hours…
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A: Step 1 A cost sheet is a report on which is accumulated all of the costs associated with a product…
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A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: Santiago Company has provided data for the year-end adjustments as follows: Factory overhead to be…
A: Adjusting entries are journal entries usually made at the end of an accounting period to allocate…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Calculate the amount of applied overhead:
Q: Todd Lay just began working as a cost accountant for Enteron Industries Inc., which manufactures…
A: 1.Mr. T must have recorded the factory wages as a debit to work in process. The factory wages come…
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: Prime cost is the direct cost incurred for production. It includes direct material and direct labor…
Q: Prepare an income statement for Bubba Manufacturing for the year ended June 30, 2020, clearly…
A: Solution:- Income Statement for Bubba Manufacturing for the year ended…
Q: The following information taken from Jejai Limited: Particulars Debit Credit RM RM Purchase of raw…
A: Income statement is a statement prepared to calculate the net income of a company after deducting…
Q: Following details have been extracted for the year ended 31st March, 2021 Particulars Rs.…
A: Answer to Question: Cost Sheet as on March 31,2021…
Q: The following data relates to M/s. ZULFIQAR Co. for the month of August 2020 (who maintains Job…
A: Job order costing keeps a record of prime costs in order to allocate direct materials and direct…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Predetermined overhead rate = Estimated factory overhead costs / direct labor hours = $238,800 /…
Q: Comvita management have provided you with the following data for the year ended in 31st December…
A: Cost of Goods manufactured is total cost of goods which are manufactured in the factory. Prime cost…
Q: Caroline Company reports the following costs and expenses in May. Factory utilities $11,500…
A: Given the following information: Factory utilities: $11,500 Depreciation on factory equipment:…
Q: Prepare T-accounts to show the flow of costs during the period.
A: Materials inventory Beg Bal 77,805 2,100 2 1 75,180…
Q: sted here are the costs her firm incurred for month ended August Supplies used on consulting…
A: The answer is stated below:
Q: Suit Delivery Service reports the following costs and expenses in June 2016. Indirect materials $…
A: Different cost and expenses of delivery service are given. We have to find deliver service cost and…
Q: The following information were obtained from the records of Sunshine Enterprise for the current year…
A:
Q: Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts…
A: Standard costing means where standard is set for various cost element and actual cost is then…
Q: 7. Ruwi Automobile Factory reports the following costs and expenses in January. Glue and welding…
A: Product cost: It is the overall cost incurred to manufacture a product. Product costs include direct…
Q: The following information for the year ended December 31, 2020 is obtained from the books and…
A: Factory overhead includes all the costs which are incurred by the business during the production…
Q: The following data relates to M/s. ZULFIQAR Co. for the month of August 2020 (who maintains Job…
A: The raw material is the input that is processed to convert it into a finished product. Basically,…
Q: What was the amount of direct materials used in production? What was the amount of manufacturing…
A: Hey there since you have posted multiple questions, we can answer only first three question for you,…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: Cost of goods manufactured schedule: The cost of goods manufactured schedule is used to calculate…
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A: Compute the following as explained below: 1. The amount of materials used: 2. Factory overheads: 3.…
Q: ass Doctor Company manufactures sunglasses. Following is a list of costs the company incurred during…
A: Manufacturing overhead cost is the whole of all the indirect costs which are brought about whereas…
Q: Ibra factory reports the following costs and expenses in June 2019. Indirect materials OMR 5,400…
A: Period costs: Period costs are not directly related to the production process of a product. Sales,…
Q: The Dewaan Manufacturing Co. present the following information for the year ended 31st December 1999…
A: The income statement is prepared at the end of an accounting period to calculate the amount of loss…
Q: Burnham industries incurs the following costs for the month: Direct materials…
A: Prime cost =Direct material +Direct labor
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased…
A: Total cost of production is the aggregate of all the cost incurred to make a product available for…
Q: accountant were able to recover a small part of manufacturing cost data for the current and prior…
A: Closing stock of raw material = raw material purchased + opening stock - raw material consumed=…
Q: Requirements: Answer both questions A. During the year, Bubba Manufacturing Company produced 4,000…
A: Cost of goods manufactured includes direct cost such as direct material, direct labor and factory…
Q: A partial list of Waterways' accounts and their balances for the month of November follows. Accounts…
A: Following is the requisite partial balance Sheet
Q: Ibra factory reports the following costs and expenses in June 2019. Indirect materials OMR 5,400…
A: In cost accounting, there are majorly two types of costs. One is Product Costs and other is Period…
Q: The following information was taken from the accounting records of the Brothers Company for the year…
A: The cost of goods manufactured is the total cost incurred by an entity to manufacture a product…
Q: The following balances refer to the workshop of the Casablance Engineering Company for the half year…
A: Manufacturing account shows the details of units produced and the cost of goods produced.
Q: Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month…
A: Direct material and direct labor costs are a part of the prime cost. Production costs apart from…
Q: ctie Company reports the following costs and expenses in January 2020. Required: From the…
A: solution calculation of total manufacturing overhead , period cost and product cost Period…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Income statement is prepared to compute the total net profit or loss generated or incurred during an…
Q: During March, the following transactions/events were reported by Jerico Company that uses job- order…
A: Job Order Costing: Job Order Costing is best suited where the goods and services are produced on a…
Q: Accounting for overheadOak Outdoor Furniture manufactures wood patio furniture. If the company…
A:
Q: The following data relates to M/s. ZULFIQAR Co. for the month of August 2020 (who maintains Job…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Rapid Delivery Service reports the following costs and expenses in June 2010. Indirect materials $…
A: The costs incurred on the production are said to be product cost. Other expenses that are not…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Instructions: a) Enter each cost item on your answer sheet, placing an "X" mark under the…
A: Allocation of items under the headings:
Q: Caroline Company reports the following costs and expenses in May. Factory utilities $11,500…
A: Periodic cost mainly indicates the cost belongs to the passage of time period and cannot be included…
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- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salaryFor apparel manufacturer Abercrombie Fitch, Inc. (ANF), classify each of the following costs as either a product cost or a period cost: a. Advertising expenses b. Chief financial officers salary c. Depreciation on office equipment d. Depreciation on sewing machines e. Fabric used during production f. Factory janitorial supplies g. Factory supervisors salaries h. Property taxes on factory building and equipment i. Oil used to lubricate sewing machines j. Repairs and maintenance costs for sewing machines k. Research and development costs l. Sales commissions m. Salaries of distribution center personnel n. Salaries of production quality control supervisors o. Travel costs of media relations employees p. Utility costs for office building q. Wages of sewing machine operatorsComvita management have provided you with the following data for the year ended in 31st December 2018. Amounts in $ Work in Process - Jan 1, 2018 8100 Selling and Administrative Salaries 13800 Insurance on factory and equipment 3600 Work in Process - December 31, 2018 8300 Finished goods inventory, Jan 1, 2018 14000 Indirect material used 4900 Depreciation on factory equipment 2100 Raw material inventory, Jan 1 2018 10100 Property taxes for factory 2400 Finished goods inventory, 31 December 2018 15400 Purchase of raw material 39000 Electricity for factory 6000 Electricity for sales and administrative offices 2500 Other selling and administrative expenses 4000 Indirect labour cost incurred 29000 Depreciation on factory building 3800 Depreciation on cars used by sales personnel 1200 Direct labour cost incurred 79000 Raw material inventory, Dec 31, 2018 11000…
- Specter Company, a small manufacturer, has submitted the items below concerning last year'soperations. The president's secretary, trying to be helpful, has alphabetized the list.Administrative salaries $2,400Advertising expense 1,200Depreciation—factory building 800Depreciation—factory equipment 1,600Depreciation—office equipment 180Direct labour cost 21,900Raw materials inventory, beginning 2,100Raw materials inventory, ending 3,200Finished goods inventory, beginning 46,980Finished goods inventory, ending 44,410General liability insurance expense 240Indirect labour cost 11,800Insurance on factory 1,400Purchases of raw materials 14,600Repairs and maintenance of factory 900Sales salaries 2,000Taxes on factory 450Travel and entertainment expense 1,410Work in process inventory, beginning 1,670Work in process inventory, ending 1,110Required:a. Prepare a schedule of Cost of Goods Manufactured in good form for the year. UseDecember and current year for time period. b. Determine the Cost of…Please solve this MCQs The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories.What is the company's Cost of Goods Sold? $139,561.50. $252,600.00. $164,190.00. $214,710.50.The Information bellow has taken from Al Wafa company wages paid to labour: OMR85,000, Purchases raw material OMR 230000, purchases return: OMR5,000, factory on cost 10% of prime cost.Opening stock work in progress OMR54000, closing stock work in progress OMR 45000, opening stock raw material OMR50000 and closing stock raw material OMR32000.The cost of good manufactured is: a. OMR364200 b. None of the options c. OMR369800 d. OMR332200
- The following information relates to company XYZ. Manufacturing overheads: BWPLighting & Heating 8 000Administration employees 70 000Employee accident insurance 1 200Plant and Equipment Insurance 70 000Plant and Equipment maintenance & repairs (minor) 20 000Plant and Equipment maitenance & repairs (major) 200 000Rent 25 000 department 1 department 2 department 3 area occupied sdm 1200 2300 3500 deppreciation 20000 40000 60000 no of employees 10 18 28 book value 250000 450000 700000 maintanance hours 18000 25000 43000 indirect materias 8000 12000 20000 indirect labour 10000 14000 24000…The related data of Pirena Company: Solvents and cleaners used by the custodians to clean the textbook printing presses P12,500 Depreciation on the automobiles used by sales representative P20,000 Fire insurance on factory building P18,200 Shipping costs on textbooks sold P 35,700 How much is the manufacturing overhead?Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
- In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX Credit – Accumulated Depreciation - (asset) $X,XXX 1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like?The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.A company absorbs factory overheads at a rate of N$25per direct labour hour. During 2021 all finished goods were sold and under/over-absorbed overheads were transferred to cost of goods sold. There were no opening and closing balances of work in process. Additional information is as follows : Building materials 100000 Indirect labour cost:50000 Wagesof builders:20000 Indirect materials used:20000 Depreciation of office equipment :10000 Sundry factory overheads:50000 Calculate the amount of indirect/common costs for the period