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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Please complete all the requirements!.
Lastly: Determine the costs of goods sold for January:
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…
The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
Need A-D completed
Custom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
Please use the data below to complete the Cost of Goods Manufactured for Corporation:
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
The following figures have been extracted from the records of Necon manufacturing companyfor the year ending 31st December, 2019. You are required to prepare a statement of costshowing : (a) Cost of raw materials consumed(b) Prime Cost (c) Factory Cost(d) Cost of production(e) Cost of goods sold (f)Total cost of goods sold and profit on sales. $Stock of Raw Materials (1-1-19) 3,000Stock of Raw Materials (31-12-19) 2,400Purchases of Raw materials 14,000Stock of work-in-progress (1-1-19) 1,000Stock of work-in-progress (31-12-19) 800Carriage inward 500Manufacturing wages 4,000Other direct expenses 200Indirect wages 1,000Experiment expenses 400Wastage of materials…
< Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $16,971 25,726 36,875 18,297 18,757 21,733 25,034