ABC, wholesaler, incurred the following costs: Purchase abroad ($ 1= P 50) $ 10,000 P 50,000 Import duties Irrecoverable purchase taxes Fees paid to mediator in arranging imported goods Insurance on shipment Handling cost Normal freight charge for express shipping Abnormal freight charge for express shipping Local purchase price, gross of trade discount Trade discount 60,000 20,000 12,000 8,000 14,000 30,000 300,000 17,000 7,000 5,000 40,000 22,000 Delivery cost (from supplier to business premise) Delivery ast (from business premise to customer) Advertisement cost Storage cost

ABC, wholesaler, incurred the following costs: Purchase abroad ($ 1= P 50) $ 10,000 P 50,000 Import duties Irrecoverable purchase taxes Fees paid to mediator in arranging imported goods Insurance on shipment Handling cost Normal freight charge for express shipping Abnormal freight charge for express shipping Local purchase price, gross of trade discount Trade discount 60,000 20,000 12,000 8,000 14,000 30,000 300,000 17,000 7,000 5,000 40,000 22,000 Delivery cost (from supplier to business premise) Delivery ast (from business premise to customer) Advertisement cost Storage cost

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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Question number 37
Problem 1Purchase price of raw materials P100,000Rebates on raw material purchases 2,000Import taxes 17,000Local taxes paid in relation to the purchase 1,500Freight-in 5,00012% VAT on the purchase price 12,000Interest expense related to the purchase 3,200Utilities used on factories…
Question Content Area A company manufactured 50,000 units of a product at a cost of $450,000. It sold 45,000 units at $15 each. The gross profit is a. $240,000 b. $600,000 c. $750,000 d. $270,000
QUESTION 10 The following information is given to you: Gross Fixed Assets Net Fixed Assets Depreciation Expense Net Fixed Assets in 2022 was $ 600 800 400 200 Not enough information to answer. 2021 1,000 800 ??? 2022 1,000 ??? 200
Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:
Answer 6