Accounting BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600 whistles were manufactured and 1,450 whistles were sold. Data from the November report are shown below. %24 Selling expenses 25,340 Direct labour 37,752 Interest expense 7,135 Manufacturing 32.760 overhead Direct materials 61,464 Administrative 19,675 expenses
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![Accounting
BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600 whistles were manufactured and 1,450 whistles were
sold. Data from the November report are shown below.
%24
Selling expenses
25,340
Direct labour
37,752
Interest expense
7,135
Manufacturing
32,760
overhead
Direct materials
61,464
Administrative
19,675
expenses](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8cd441e-b2c8-4a70-9c65-6fbd8ae25c24%2Fdb85f624-1062-49fe-817f-be30df3236de%2Fs5d3ks_processed.jpeg&w=3840&q=75)
![If sales in November are $138,040, then profit or loss for G&N Ltd is ..
a. $0
b. $46,086 loss
C. $6,064 profit
d. $12,288 profit
e. $112,700 profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8cd441e-b2c8-4a70-9c65-6fbd8ae25c24%2Fdb85f624-1062-49fe-817f-be30df3236de%2Fdkbn3yk_processed.jpeg&w=3840&q=75)
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- The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500
- The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Credit Balance (a) 0 (b) 174,000 16,000 158,000 Balance e (f) 526,000 (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000 MEllerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Info in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…
- Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process Finished goods 59500 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.B. Followings are the account records for Yan Min Factory Sdn Bhd for the year ended 31 December 2021. RMInventory 1 Jan 2021: Raw materials 125,400 Work In Process 131,100 Finished Goods 123,260Purchases of direct raw materials 191,535Purchases of indirect raw materials 58,000Direct labour 184,208Salaries expenses – Administration office 133,419Rent expenses 15,200Utilities expenses – Administration office 14,420Depreciation expenses – Machine (Factory) 10,200Depreciation expenses – Machine (Office) 5,200Sales revenue 818,622Fossil fuel expenses - Factory 8,120 Additional information:1. 3/4 of the rent expenses is for factory while the remaining balance is allocated to administration office. 2. Inventories as at 31 Disember 2021 is as follows:Raw materials : RM120,800Work in process : RM124,600Finished goods : RM128,840REQUIRED:1. Prepare Statement of Goods Manufactured for Yan Min Factory Sdn Bhd…QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
- Required Information [The following information applies to the questions displayed below] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor $ 1,500,000 64,000 83,000 108,000 294,000 353,000 Indirect labor 53,000 Repairs-Factory equipment 42,000 Rent cost of factory building 84,000 Selling expenses 134,000 General and administrative expenses 214,000 Raw materials inventory, ending 77,000 work in process inventory, ending Finished goods inventory, ending 100,000 130,000 Prepare its schedule of cost of goods manufactured for the year ended December 31. Direct materials: DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials available for use S 0 Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of…FINANCIAL ACCOUNTING AND REPORTING Superman Company Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 P30,000 Property taxes, factory building P6,000 Raw materials, 12/31/20 20,000 Sales revenue 1,500,000 Raw materials purchases 205,000 Delivery expenses 100,000 Work-in-process, 1/1/20 80,000 Sales commissions 150,000 Work-in-process, 12/31/20 50,000 Indirect labor 105,000 Finished goods, 1/1/20 110,000 Factory machinery rent 40,000 Finished goods, 12/31/20 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager’s salary 35,000 Administrative expenses 300,000 Insurance, factory 14,000 Requirement: Prepare a cost of goods manufactured schedule for Superman Company for Note: Assume that all raw materials used were direct materials. Prepare an income statement for…Wildhorse Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process $6800 23600 $52200. $126900. $120100. $96500. 44300 Finished goods Prepaid insurance 8100 52200 What amount should Wildhorse report as inventories in its balance sheet?
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