1- Prepare a Manufacturing account for the year ended 31 December 2017 2- Prepare a Trading account for the year ended 31 December 2017 RM 1 January 2017, Stock of raw materials 31 December 2017, Stock of raw materials 1 January 2017, Work in progress 31 December 2017, Work in progress 800 1,050 350 420 Year to 31 December 2017: Wages : Direct : Indirect 3,960 2,550 Purchase of raw material 8,700 Fuel and power Direct expenses Lubricants 990 140 300 Carriage inwards on raw materials Rent of factory Depreciation of factory plant & machinery Internal transport expenses Insurance of factory buildings and plant General factory expenses 1 January 2017, Stock of finished goods 31 December 2017, Stock of finished goods Sales of finished goods 200 720 420 180 150 330 3,500 4,400 25,000

1- Prepare a Manufacturing account for the year ended 31 December 2017 2- Prepare a Trading account for the year ended 31 December 2017 RM 1 January 2017, Stock of raw materials 31 December 2017, Stock of raw materials 1 January 2017, Work in progress 31 December 2017, Work in progress 800 1,050 350 420 Year to 31 December 2017: Wages : Direct : Indirect 3,960 2,550 Purchase of raw material 8,700 Fuel and power Direct expenses Lubricants 990 140 300 Carriage inwards on raw materials Rent of factory Depreciation of factory plant & machinery Internal transport expenses Insurance of factory buildings and plant General factory expenses 1 January 2017, Stock of finished goods 31 December 2017, Stock of finished goods Sales of finished goods 200 720 420 180 150 330 3,500 4,400 25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Find the cost of production for the manufacturers account
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04-Principles of Management Accounting-1-2 y courses / BUSS 104-1-20202 / FINAL EXAMINATION BUSS 104 SPRING 21 / FINAL EXAMINATION SPE According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 184000 Wages 56000 32 % of wages Factory overhead Interest expense 9500 Taxes 3300 Select one: a. 234200 O b. 258500 Oc 333000 O d. 257920 nere to search hp 18 144 米 1O & $ 4. 8. V R T Y S F 1 1. 86 93 19 五 3 41 2.
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Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor OMR 360000 OMR 200000 Factory maintenance Power and heat- factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020. OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: Material Work-in process Finished goods OMR 13800 OMR 19000 OMR 32000 3000 Units Total Production Units 35000 units Tinished goods are valued at the current unit manufacturing cost. You are required to prepare: L. Manufacturing Statement IL Calculate unit production cost.
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Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
H
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -