Оuestion OneGod-Is-Good Company produces a single product, the following figures were extracted from theirrecords for the year ended December 31, 2020.Units in beginning inventory: direct material (1,000 units)GH¢30.00GH¢65.00GH¢35.00GH¢32.0012,500 unitsGH¢425.00 per unit: direct labour: variable overhead: fixed overheadUnits producedUnits sold (10,000 units)Variable costs per unit:Direct materialsGH¢50.00GH¢100.00GH¢60.00GH¢25.00Direct labourVariable overheadFixed overhead per unit producedGeneral and administrative cost (60% variable)Selling and distribution cost (40% fixed)525,350.00315,500.00a. Prepare an Income Statement for God-Is-Good Company using the full costing approach.b. Prepare an Income Statement for God-Is-Good Company using variable costing approach.c. Prepare the Reconciliation Statementd. One important aspect of overall material management is the inventory control.Required; discuss the two problems associated with inventory control.

Name: Оuestion OneGod-Is-Good Company produces a single product, the follow
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Description: Оuestion OneGod-Is-Good Company produces a single product, the following figures were extracted from theirrecords for the year ended December 31, 2020.Units in beginning inventory: direct material (1,000 units)GH¢30.00GH¢65.00GH¢35.00GH¢32.0012,500

Given: The data is given as below,

Answered: ur ended December 31, 2020. inventory:…

Business

Accounting

ur ended December 31, 2020. inventory: direct material (1,000 units) : direct labour : variable overhead : fixed overhead G G G

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

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Question One God-Is-Good Company produces a single product, the following figures were extracted from their records for the year ended December 31, 2020. Units in beginning inventory:direct material (1,000 units) - GH¢30.00: direct labour. - GH¢65.00 variable overhead. - GH¢35.00 Fixed overheard. - GH¢32.00 Units produced. - 12,500 units units sold(10,000 units) - GH¢425.00 per unit. Variable costs per unit: Direct materials - GH¢50.00 Direct Labour. - GH¢100.00 Variable Overheard. - GH¢60.00 Fixed overheard per unit produced. - GH¢25.00 General and administrative cost (60% variable). - 525,350.00 Selling and distribution cost(40% fixed) - 315,500.00 a. Prepare an Income Statement for God-Is-Good Company using the full costing approach. b. Prepare an Income Statement for God-Is-Good Company using variable costing approach. c. Prepare the…
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