7)Prepare cost sheet in the book of M. A. Rahman from the following particulars.Opening stock: -Raw materialSR 5,000%3DFinished goodsSR 4,000%3DRaw materialSR 4,000SR 5,000Closing stock: -%3DWork in process%3DFinished goodsRaw material purchasedSR 2000SR 50,000=Wages paid to laborersChargeable expensesSR 20,000SR 2,000%3DFactory RentFactory electricitySR 7,400SR 3,000%3D%3DSale of wastage of materialOffice management salaryOffice printing & stationerySR 200%3DSR 4,000%3DSR 200%3DSalaries to salesmanSR 2,000Commission to traveling agentsSR 1,000Sales revenueSR 150,000%3D

A cost sheet seems to be a document that includes all of the expenses connected with a product or…

Answered: 7) Prepare cost sheet in the book of M.…

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

In the manufacture of 9,400 units of a product, direct materials cost incurred was $177,400, direct labor cost incurred was $106,100, and applied factory overhead was $43,600. What is the total conversion cost? Oa..$149,700 Ob. $327,100 Oc. $43,600 Od. $177,400
Please help me with show all calculation thanku
O'Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is bult to customer specifications). O'Leary uses a normal job costing system. Direct labor at O'Leary Iis pald $26 per hour, but the employees are not pald If they are not working on Jobs. Manufacturing overhead Is assigned to Jobs by a predetermined rate on the basis of direct labor-hours. The company Incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows. Skipped Year 1 Year 2 Direct labor-hours worked 68, 800 55,800 Manufacturing overhead costs incurred Indirect labor $2,832,000 1,032,000 Employee benefits Supplies $2,232,000 837,000 558, 000 540, 000 688,000 Power 645, eee Heat and light Supervision Depreciation 141,600 661,650 2,036, 580 s05, 250 141,600 781,470 2,036,500 Property taxes and insurance 787,430 Total…
Coat-All Paint Company used a predetermined overhead allocation rate to allocate $85,000 and $50,000 of indirect costs to the Coloring Department and the Mixing Department, respectively. The journal entry to record the allocation of overhead costs to the Coloring Department is Process costing is used. OA. debit Manufacturing Overhead, $50,000; credit Work - in - Process Inventory-Mixing, $50,000 OB. debit Work - in – Process Inventory-Coloring, $85,000; credit Manufacturing Overhead, $85,000 OC. debit Manufacturing Overhead, $85,000; credit Work - in - Process Inventory-Mixing, Ss85,000 D. debit Work- in-Process Inventory-Coloring. $50,000; credit Manufacturing Overhead, $50,000
Saktanmokobaybeh Company uses standard costing for direct materials and direct labor. The following monthly cost functions were developed for manufacturing overhead items: Budgeted Overhead Item Cost Function: Indirect materials P 1.00 per DLHIndirect labor 1.25 per DLHUtilities 0.50 per DLHInsurance 50,000Depreciation 400,000 The cost functions were determined using observations from 20,000 to 30,000 direct labor hours. The company expects to operate at 25,000 direct labor hours per month. The theoretical capacity per month of the company is 30,000 units. Each unit requires 2 direct labor hours. The Company applies overhead using direct labor hours. Actual data for this month are as follows: Variable overhead costs P 87,000Fixed overhead costs 423,000Direct labor hours 26,000 Question 1: The entry pertaining to the volume…
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
23) Al Zain Company uses activity based costing and gives you the following data regarding cost pools and estimated overhead cost for each pool. Machine related RO 110,000 Material handling RO 95,000 Purchase related RO 70,000 General factory RO 105,000 The amount of total estimated overhead is: a. RO 175,000 b. RO 270,000 c. RO 380,000 d. Ro 275,000
A local picnic table manufacturer has budgeted these overhead costs - ERROR: "Handling materials" is $33,350 - (note their order as you will use the same order down below): Purchasing Handling materials Machine setups $70,000 33,333 70,500 25,500 45,000 Inspections Utilities They are considering adapting ABC costing and have estimated the cost drivers for each pool as shown (again, note their order): Cost Driver Activity Orders 700 Material moves Machine setups Number of inspections Square feet 1,334 15,000 5,000 180,000 Recent success has yielded an order for 1,000 tables. Assume direct labor costs per hour of $20. Determine how much the job would cost given the following activities (once more, note their order for the last worksheet): Activity Order (units) Direct materials 1,000 112,700 15,200 5,300 60 Machine hours Direct labor hours Number of purchase orders Number of material moves Number of machine setups Number of inspections Number of square feet occupied 800 100 450 8,000…
! Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period Inventories Raw materials Work in process Finished goods $ 45,000 19,000 33,500 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. X Answer is not complete. No Transaction General Journal…
Please do not give image format
In job costing, the journal entry to record $200 of depreciation expense on factory equipment for the current period involves which of the following? credit to manufacturing overhead for $200 debit to depreciation expense-factory equipment for $200 debit to manufacturing overhead for $200 debit to accumulated depreciation-factory equipment for $200
please provide answer of this question

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS