Want perfect answer for upvotes 1. The following information for the year ended 31-12-2017 is obtained fromhe books of a factory.Work inCompletedJobsParticularsRaw materials supplied from storesWagesChargeable ExpensesMaterials Transferred to W-I-PMaterials Return to StoresFactory over heads is 80% wages and office overheads 25% of factorybost. The value of the executed contracts during 2017 was Rs.4,10,000. Prepareconsolidated completed jobs a/c and consolidated work in progress a/c.90,0001,00,00010,0002,0001,000Progress30,00040,0004,0002,000Sole

1. The following information for the year ended 31-12-2017 is obtained from pooks of a factory. Completed Work in Progress 30,000 40,000 4,000 2,000 Particulars Jobs Raw materials supplied from stores Wages Chargeable Expenses Materials Transferred to W-I-P Materials Return to Stores 90,000 1,00,000 10,000 2,000 1,000 Factory over heads is 80% wages and office overheads 25% of factory - The value of the executed contracts during 2017 was Rs.4,10,000. Prepare solidated completed jobs a/c and consolidated work in progress a/c.

1. The following information for the year ended 31-12-2017 is obtained from pooks of a factory. Completed Work in Progress 30,000 40,000 4,000 2,000 Particulars Jobs Raw materials supplied from stores Wages Chargeable Expenses Materials Transferred to W-I-P Materials Return to Stores 90,000 1,00,000 10,000 2,000 1,000 Factory over heads is 80% wages and office overheads 25% of factory - The value of the executed contracts during 2017 was Rs.4,10,000. Prepare solidated completed jobs a/c and consolidated work in progress a/c.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 17EA: Prepare the journal entry to record the factory wages of $28,000 incurred for a single production...

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Following information for the year ended December 31, 2018 is obtained from the books and records of a factory : Completed Jobs Work-in-Progress 2$ $ Raw Materials supplied from Stores Wages Materials transferred to Work-in-Progress 1,00,000 1,00,000 2,000 1,000 34,000 40,000 2,000 Materials returned to Stores Factory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent of Factory Cost. The value of the executed jobs during 2018 was $4,10,000. Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred on the jobs, and also (ii) Consolidated Work-in-Progress Account.
A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following information: (RM)Estimated manufacturing overhead = RM 600,000Actual manufacturing overhead= RM 639,000Estimated direct labour cost= RM 480,000Actual direct labour cost =RM 500,000Total debits in the Work-In-Process account =RM 1,880,000Total credits in the Finished Goods account = RM920,000 SASB uses a normal costing system and applies manufacturing overhead to jobs on the basis of direct labour cost. A 60% markup is added to the completed production when finished goods are sold. On 31 December 2019, job no.18 was the only job in process. The job had direct material and direct labour charges of RM16,500 and RM36,000, respectively. REQUIRED:(a) Discuss THREE (3) criteria that differ job-order costing from process costing. (b) Calculate the overapplied or underapplied manufacturing overhead for SASB and prepare a journal entry to…
A. Syarikat Aman Sdn Bhd (SASB), which began operations on 1 January 2019, reportedthe following information: (RM)Estimated manufacturing overhead = RM 600,000Actual manufacturing overhead= RM 639,000Estimated direct labour cost= RM 480,000Actual direct labour cost =RM 500,000Total debits in the Work-In-Process account =RM 1,880,000Total credits in the Finished Goods account = RM920,000 SASB uses a normal costing system and applies manufacturing overhead to jobs on the basis of direct labour cost. A 60% markup is added to the completed production when finished goods are sold. On 31 December 2019, job no.18 was the only job in process. The job had direct material and direct labour charges of RM16,500 and RM36,000, respectively. REQUIRED:(a) Discuss THREE (3) criteria that differ job-order costing from process costing. (b) Calculate the overapplied or underapplied manufacturing overhead for SASB and prepare a journal entry to…
B. Followings are the account records for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. RMInventory 1 Jan 2021: Raw materials 125,400 Work In Process 131,100 Finished Goods 123,260Purchases of direct raw materials 191,535Purchases of indirect raw materials 58,000Direct labour 184,208Salaries expenses – Administration office 133,419Rent expenses 15,200Utilities expenses – Administration office 14,420Depreciation expenses – Machine (Factory) 10,200Depreciation expenses – Machine (Office) 5,200Sales revenue 818,622Fossil fuel expenses - Factory 8,120 Additional information:1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows:Raw materials : RM120,800Work in process : RM124,600Finished goods : RM128,840REQUIRED:1. Prepare Statement of Goods Manufactured for Yan Min Factory Sdn Bhd…
The business’s pre-determined overhead application rate for 2018 was computed from the following data:Total estimated factory overheads $4,200,000Total estimated direct labour hours 35,000During the first month of 2018, the business recorded the following transactions. i) Purchased materials on account, $500,000ii) Incurred manufacturing wages of $1,065,000iii) Issued direct materials and used direct labour in manufacturing Direct Materials Direct Labour Direct Labour HoursJob 401 $100,000 $220,000 1,200Job 402 81,000 190,000 1,000Job 403 90,000 205,000 1,100Job 404 150,000 290,250 1,800iv) Issued indirect materials to production, $80,000v) Charged indirect manufacturing wages to production, $159,750 vi) Depreciation expense on factory equipment used on the different jobs, $300,000vii) Other overhead costs incurred on jobs 401 to 404 amounted to $112,750viii) Applied factory overhead to the various jobs using the pre-determined factory overhead rate.ix) Finished Jobs 401 – 403 and…
A) The following information for the year ended 31 December 2020 is obtained from the books and records of a factory: st Completed Work-in- Jobs(K.Shs) Progress(K.Shs) Raw materials 80,000.00 32,000.00 supplied from stores 100,000.00 40,000.00 Wages Chargeable expenses |10,000.00 4,000.00 1,000.00 Materials returned to stores The additional information are as follows: Factory overheads are 80% of wages. Office overheads are 25% of factory cost and selling distribution overheads are 10% of cost of production. The complete jobs
The business’s pre-determined overhead application rate for 2018 was computed from the following data: Total estimated factory overheads $4,200,000 Total estimated direct labour hours 35,000 During the first month of 2018, the business recorded the following transactions. i) Purchased materials on account, $500,000 ii) Incurred manufacturing wages of $1,065,000 iii) Issued direct materials and used direct labour in manufacturing Direct Materials Direct Labour Direct Labour Hours Job 401 $100,000 $220,000 1,200 Job 402 81,000 190,000 1,000 Job 403 90,000 205,000 1,100 Job 404 150,000 290,250 1,800 iv) Issued indirect materials to production, $80,000 v) Charged indirect manufacturing wages to production, $159,750 vi) Depreciation expense on factory equipment used on the different jobs, $300,000 vii) Other overhead costs incurred on jobs 401 to 404 amounted to $112,750 viii) Applied factory overhead to the various jobs using the pre-determined factory overhead rate. ix)…
The business’s pre-determined overhead application rate for 2018 was computed from the following data: Total estimated factory overheads $4,200,000 Total estimated direct labour hours 35,000 During the first month of 2018, the business recorded the following transactions . i) Purchased materials on account, $500,000 ii) Incurred manufacturing wages of $1,065,000 iii) Issued direct materials and used direct labour in manufacturing Direct Materials Direct Labour Direct Labour Hours Job 401 $100,000 $220,000 1,200 Job 402 81,000 190,000 1,000 Job 403 90,000 205,000 1,100 Job 404 150,000 290,250 1,800 iv) Issued indirect materials to production, $80,000 v) Charged indirect manufacturing wages to production, $159,750 vi) Depreciation expense on factory equipment used on the different jobs, $300,000 vii) Other overhead costs incurred on jobs 401 to 404 amounted to $112,750 viii) Applied factory overhead to the various jobs using the pre-determined factory overhead rate. ix) Finished Jobs…
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…
Vakos Manufacturers uses the traditional approach in allocating manufacturing overheads base hours. They have provided you with the following information: E For year ended 30 December 2022: Purchases - direct materials Cost per labour hour Manufacturing Overhead rate Actual Labour hours Actual Machine hours a) b) c) Actual manufacturing overheads Selling and admin expenses Interest paid Sales Tax rate Inventories at year end: Materials Work in Process Finished Goods 205,000 6 15/mach.hr 20,000hrs 30,000hrs 440,000 400,000 40,000 2,000,000 30% 2021 2022 (E) (E) 5,000 10,000 20,000 30,000 25,000 15,000 Compute the total Applied Manufacturing Overhead costs using the rate. Compute the MO Overhead cost variance and state whether over or underapplied and how the variance would be treated. Prepare a Statement of Goods Manufactured for year ended 31 December 2022 using Actual M.O costs. Prepare the Income Statement for year ended 30 December 2022.
Prepare a cost sheet in respect of a factory the following particular have been abstracted for year 2013. Cost of material - ₹600000 Wages-₹500000 Factory overhead - ₹300000 Administration charges-₹336000 Selling charges-₹224000 Distribution charges-₹140000 Profits- ₹420000 A work order has been aciquated in 2014 and the estimated expenses are as follows: Material- ₹8000 Wages-₹5000 Assuming in 2014 the rate of factory overhead has gone up by 20%, administration charges gone down by10%, and selling and distribution charges each up by 15%. What price should be product be sold so as to earn the same rate of profit on selling price as in 2013.Factory overhead are based on the wages and administration, selling and distribution cost overhead on factory cost.
The balance sheet of Barangay Manufacturing Company showed the following balances on December 31, 2021:Finished goods - P2,100,000Work in process - 1,680,000Raw materials - 2,800,000During the first quarter of 2022, prime costs amounted to P19,152,000 while conversion costs amounted to P11,088,000. The average direct labor rate was P53.90 and overhead was applied at P43.12 per direct labor hour. Purchases of raw materials were P14,000,000 while costs of goods manufactured were P24,360,000. The company continue its policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P23,520,000.The change in Work in Process inventory for the first quarter is a. Increase of P280,000 b. Decrease of P7,560,000 c. Increase of P7,560,000 d. Decrease of P280,000