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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Prepare an Income Statement for the ff data of EH Corporation: Selling Expenses 70,000.00 Raw Materials inventory, Beginning 45,000.00 Raw Materials inventory, end 30,000.00 Work in process beginning 90,000.00 Work in process end 50,000.00 Finished Goods beginning 130,000.00 Finished Goods end 105,000.00 Utilities factory 18,000.00 Direct labor cost 75,000.00 Depreciation, Factory 81,000.00 Purchases of raw materials 375,000.00 Sales 1,250,000.00 Insurance Factory 20,000.00 Supplies, Factory 7,500.00 Administrative expenses 135,000.00 Indirect labor 150,000.00 Maintenance, factory 43,500.00
1. The accounting records of Dela Cruz Corporation revealed the following costs direct material used, $750,000; direct labor used, $1,275,000; factory overhead,$1,125,000; indirect materials used $500,000; indirect labor used $600,000; selling and marketing expenses $660,000; general and administrative expenses $440,000. Dela Cruz Corporation Prime Cost is? a. $1,875,000 b. $2,025,000 c. $2,225,000 d. $2,200,000
Refer to the following data to answer the question: Direct material used Selling costs Indirect labour Administrative costs Depreciation on factory equipment Direct labour Overtime premiums paid Indirect materials The prime costs are: Select one: O a. $142 000. O b. $40 000. O c. $150 000. O d. $190 000. $ 150 000 $ 5.000 $ 7.000 $ $ $ Ent tit. $ $ Eft 10 000 70 000 40 000 20 000 45 000
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
Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
A-Compute cost of goods manufactured. B- Compute cost of goods Sold. Complete both A and B
Subject :- Accounting
Please organize the list (picture) into the corresponding categories: Product Cost: Direct Materials Product Cost: Direct Labor Product Cost: Manufacturing Overhead Period Cost: Selling Expense Period Cost: Administrative Expense
The following selected account balances are as at the end of the current period. Manufacturing direct labour $140,000 Direct materials purchased Variable manufacturing overhead Depreciation on plant equipment and building Sales commissions Direct materials used Head office overhead costs Marketing costs What are the conversion costs for the period? O $300,000 O $420,000 O $120,000 O $215,000 150,000 75,000 85,000 35,000 120,000 110,000 90,000
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