2: Calculate Prime Cost, Factory Cost, Cost of Production, Cost of Sales and profit from the following particulars: Direct Materials Direct Wages Wages of Foreman Electric power Lighting: Factory Office Storekeeper's wages Oil and water Rent: Factory Office Repairs and Renewals: Factory plant Transfer to Reserves Discount on shares written off Depreciation: Factory Plant Office Premises Rs. 1,00,000 30,000 2,500 500 1,500 500 1,000 500 5,000 2,500 3,500 1,000 500 500 1,250 Consumable stores Manager's Salary Directors' fees Office Stationery Telephone Charges Postage and Telegrams Salesmen's salary Travelling expenses Advertising Warehouse charges Sales Carriage outward Dividend Rs. 2,500 5,000 1,250 500 125 250 1,250 500 1,250 500 1,89,500 375 2,000

2: Calculate Prime Cost, Factory Cost, Cost of Production, Cost of Sales and profit from the following particulars: Direct Materials Direct Wages Wages of Foreman Electric power Lighting: Factory Office Storekeeper's wages Oil and water Rent: Factory Office Repairs and Renewals: Factory plant Transfer to Reserves Discount on shares written off Depreciation: Factory Plant Office Premises Rs. 1,00,000 30,000 2,500 500 1,500 500 1,000 500 5,000 2,500 3,500 1,000 500 500 1,250 Consumable stores Manager's Salary Directors' fees Office Stationery Telephone Charges Postage and Telegrams Salesmen's salary Travelling expenses Advertising Warehouse charges Sales Carriage outward Dividend Rs. 2,500 5,000 1,250 500 125 250 1,250 500 1,250 500 1,89,500 375 2,000

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

2: Calculate Prime Cost, Factory Cost, Cost of Production, Cost of Sales and profit
from the following particulars:
Direct Materials
Direct Wages
Wages of Foreman
Electric power
Lighting: Factory
Office
Storekeeper's wages
Oil and water
Rent: Factory
Office
Repairs and Renewals:
Factory plant
Transfer to Reserves
Discount on shares written off
Depreciation: Factory Plant
Office Premises
Rs.
1,00,000
30,000
2,500
500
1,500
500
1,000
500
5,000
2,500
3,500
1,000
500
500
1,250
Consumable stores
Manager's Salary
Directors' fees
Office Stationery
Telephone Charges
Postage and Telegrams
Salesmen's salary
Travelling expenses
Advertising
Warehouse charges
Sales
Carriage outward
Dividend
Rs.
2,500
5,000
1,250
500
125
250
1,250
500
1,250
500
1,89,500
375
2,000

40,000 Equity Shares of ₹10 each
12% Preference Share Capital
Reserve
Profit & Loss Balance
15% Long term Borrowings
Long term Provisions
4,00.000
1,60,000
50,000
2,00,000
1,00,000
40,000

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Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?
Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
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Provide Answer with calculation
Journalize the following transactions: Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000