3. Buguja ltd has the following accounting information:1st January 2007, stock of raw materials31st December 2007, stock of raw materials1st January 2007, work in progress31st December 2007, work in progressDuring the year:Wages:DirectIndirectPurchases of raw materialsFuel and powerDirect expensesLubricantsCarriage inwards on raw materialsRent of factoryDepreciation of plant and machineryTshs 980,0001,200,000580,000430,000950,000350,0003,870,000840,000250,000460,000530,000230,000340,000640,000Internal transport expenses152,000Insurance of factory building and plantGeneral factory expenses312,000You are required to prepare manufacturing account for the year ended 31st December 2007.turing steel bars and selling of finished goods of

Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…

3. Buguja ltd has the following accounting information: 1st January 2007, stock of raw materials 31st December 2007, stock of raw materials 1st January 2007, work in progress 31st December 2007, work in progress During the year: Wages: Direct Indirect Purchases of raw materials Fuel and power Direct expenses Lubricants Carriage inwards on raw materials Rent of factory Depreciation of plant and machinery Internal transport expenses Insurance of factory building and plant General factory expenses You are required to prepare manufacturing Tshs 980,000 1,200,000 580,000 430,000 950,000 350,000 3,870,000 840,000 250,000 460,000 530,000 230,000 340,000 640,000 152,000 312,000 account for the year ended 31st December 2007. footuring steel bars and selling of finished goods of

3. Buguja ltd has the following accounting information: 1st January 2007, stock of raw materials 31st December 2007, stock of raw materials 1st January 2007, work in progress 31st December 2007, work in progress During the year: Wages: Direct Indirect Purchases of raw materials Fuel and power Direct expenses Lubricants Carriage inwards on raw materials Rent of factory Depreciation of plant and machinery Internal transport expenses Insurance of factory building and plant General factory expenses You are required to prepare manufacturing Tshs 980,000 1,200,000 580,000 430,000 950,000 350,000 3,870,000 840,000 250,000 460,000 530,000 230,000 340,000 640,000 152,000 312,000 account for the year ended 31st December 2007. footuring steel bars and selling of finished goods of

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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0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
f. Income statement; cost of goods sold statement; factory overhead analysis. Ou October 1, the accountant of Columbus Company prepared a trial balance from which the following accounts were extracted: $9,800 4,070 Finished Goods (2,800 units).... Work in Process (1,200 units)..... Materials and Supplies........... Buildings.................... 40,700 ................ *********** 48,000 Accumulated Depreciation-Buildings... ****** $ 6,000 Machinery and Equipmen................................. Accumulated Depreciation-Machinery and Equipment........ 96,000 37,500 Office Equipment.......... ..………….….…….. 3,200 Accumulated Depreciation Office Equipment........ Accrued Payroll... 1,000 650
Masay Company provided the following information for the b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured Problem 9-2 (LAA) current year: Sales Inventories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finishéd goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office salaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expense8 Earthquake loss Gain from Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 10,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000- 10,000 100,000…
Which of the following statements is NOT true of manufacturing company accounting? a.Materials inventory represents the raw materials purchased by the company to use in the production of its product(s). b.Inventories are divided into three separate accounts. c.Factory overhead shows both a debit and a credit balance on the work sheet. d.Factory overhead debits represent the overhead that has been applied to production.
The following account balances are from Woods Corporation accounting records for theyear ended December 31, 2008.Required:1. A schedule for factory/manufacturing overhead costs2. A schedule of the Cost of goods manufactured3. Determine the prime cost & conversion costs4. An Income Statement5. What is the unit cost of Woods corporation if they produced 20,000 pieces of furniture were produced?6. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? Advertising expense $ 85,000Amortization expense – Patents 16,000Special Design Cost 10,000Bad Debts expense 28,000Depreciation expense – Office equipment 37,000Depreciation expense – Factory Building 133,000Depreciation expense – Factory equipment 78,000Direct Labour 250,000Factory insurance expired 62,000Factory supervision 74,000Factory supplies used 21,000Factory Utilities 115,000Finished goods inventory, Jan 1 2008 15,000Finished goods inventory, Dec 31…
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $15,300 6,900 20,800 The following transactions occurred during January: (a) Purchased materials on account for $26,800. (b) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $16,300 were recorded as follows: $11,100 for assembly workers 2,000 for factory supervision 1,700 for administrative personnel 1,500 for sales commissions (d) Recorded depreciation: $4,000 for factory machines, $500 for the copier used in the admidistrative office. (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (f)…
A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Credit Beginning Balance 4,650 8,300 4,850 Work in Process Debit Credit Beginning Balance 3,750 21,850 5,850 8,150 7,950 Finished Goods Debit Credit Beginning Balance 1,850 20,050 21,850 Manufacturing Overhead Debit Credit 2,450 7,950 3,150 2,850 Wages & Salaries Payable Debit Credit 20,050 Beginning Balance 2,150 11,300 Cost of Goods Sold Debit Credit Beginning Balance 20,050 The Cost of Goods Manufactured was: Multiple Choice $41,900 $20,050 $8,000 $21,850
PLEASE PROVIDE STATEMENT COST OF PRODUCTION, STATEMENT OF COMPREHENSIVE INCOME AND STATEMENT OF FINANCIAL POSITION ACCORDING TO THE FORMAT Illustration 8 Suppose Malaysian Clay Manufacturers had the following balances extracted from its books on 31 December 2016. Inventories on 1 January 2016 Raw Material Work in Progress Raw Material Direct Labour Factory Overhead Finished Goods Inventories on 31 December 2016 Raw Material Work in Progress Raw Material Direct Labour Factory Overhead Finished Goods Raw Material Purchases Transportation on Raw Materials Custom Duties on Raw Materials Direct Labour Factory Overhead: Utilities Depreciation of Machinery Rent of Factory Premises Factory Supervisor Salaries Factory Cleaners Wages Lubricants and Ols Sales Sales Returns Advertising Expense Selling Expense Salesmen's Salaries General Manager Salaries Administrative Staff Salaries General Miscellaneous Expenses Bad Debts Expense Interest on Loan RM 10,000 12.000 6,000 12,000 15,000 8.000 45,000…
A manufacturing company reports the following Beginning $ 18,720 10,100 13,160 Ending $ 12,700 11,900 9,330 Inventories Raw materials Work in process Finished goods Activities for the period Raw materials purchases $ 8,800 14,820 9,900 11,740 42,800 Direct materials used Direct labor used Overhead applied Sales 1. Prepare a schedule of cost of goods manufact 2. Compute gross profit. Complete this question by entering your an Required 1 Required 2 Prepare a schedule of cost of goods manufactured Schedule of Cost of Goods Manufactured Direct materials used Direct lahor
1) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-In-process Inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labour Indirect manufacturing labour Property taxes on manufacturing plant building Salespersons' company vehicle costs Amortization of manufacturing equipment Amortization of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135,000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quartor. b. Prepare a cost of goods sold schedule for the quarter. 2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus a selling…