3. The following information is taking from Wei Min Enterprise for the year ended 31December 2020:ParticularsRMInventory at 1 January 2020:Raw materialsWork in progressFinished goodsPurchases : raw materialsCarriage on raw materialsDirect labourOffice salaries25,40031,10023,26091,5351,96084,20833,4195,200RentOffice lighting and heatingDepreciation:Works machineryOffice equipmentSalesFactory fuel and power4,42010,2002,300318,6228,120Prepared by: Puan Siti Nor Junita Mohd RadziAdditional information:i. Rent is to be apportioned: factory ¾; office %ii.Inventory at 31 December 2020 was:a. Raw materialsRM28,900b. Work in progressc. Finished goodsRM24,600RM28,840Required:a) Prepare statement of cost production for the year ended 31 December 2020.b) Prepare statement of comprehensive income for the year ended 31 December 2020.

Cost of production: It includes all those cost and overheads which incurred in the production and…

3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials 25,400 31,100 23,260 91,535 1,960 Work in progress Finished goods Purchases : raw materials |Carriage on raw materials Direct labour Office salaries Rent Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 84,208 33,419 5,200 4,420 10,200 2,300 318,622 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i. Rent is to be apportioned: factory %; office % ii. Inventory at 31 December 2020 was: a. Raw materials b. Work in progress c. Finished goods RM28,900 RM24,600 RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.

3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials 25,400 31,100 23,260 91,535 1,960 Work in progress Finished goods Purchases : raw materials |Carriage on raw materials Direct labour Office salaries Rent Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 84,208 33,419 5,200 4,420 10,200 2,300 318,622 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i. Rent is to be apportioned: factory %; office % ii. Inventory at 31 December 2020 was: a. Raw materials b. Work in progress c. Finished goods RM28,900 RM24,600 RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is the raw materials inventory as of June 30, 2020? 2. .JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is…
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
A elearn.squ.eu Comp Time left 0:25:14 XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec Jan 2020 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR OMR 15,000 18,000 Finished Goods OMR 30,000 OMR Inventory 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR
Please answer required a,b
Uramilaben
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during О а. Р7000 COSTS INCURRED O b. P7,500 JOBS January February March Ос. Р5,500 A P5,000 O d. P3,000 B 3,000 2,500 19. Cost of Goods Sold for January D 1,500 4,000 E 3,500 O a. P7,000 F 5,800 6.500 O ь. Р7,500 G 9,600 3,800 O. P20,000 Ос. H 4,500 4,200 O d. P10,500 3,000 7,000 20. Cost of Goods Sold for February Jobs Completed Jobs Sold О а. Рб,500 January AB C A. C O b. P7,500 February DE В Е BE O. P20.000 March GH J GH O d. P7,000