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

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

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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Skysong Company reports the following costs and expenses in May. Factory utilities $14,200 Direct labor $63,680 Depreciation on factory equipment 11,620 Sales salaries 42,520 Depreciation on delivery trucks 3,640 Property taxes on factory building 2,300 Indirect factory labor 45,120 Repairs to office equipment 1,220 Indirect materials 74,240 Factory repairs 1,840 Direct materials used 126,880 Advertising 13,800 Factory manager’s salary 7,600 Office supplies used 2,410 Determine the total amount of manufacturing overhead. Manufacturing overhead $enter the manufacturing overhead in dollars Determine the total amount of product costs. Product costs $enter the product costs in dollars
Jackson Furniture Company provided the following manufacturing costs for the months of June Direct labor costs $120,000 62,000 Direct materials costs Equipment depreciation (straight-line) Factory insurance Factory manager's salary Janitor's salary Packaging costs Property taxes on the factory From the above information, calculate Jackson's total fixed costs. OA. $279,700 OB. $64,100 OC. $78,900 OD. $68,400 27,000 10,500 10,000 14,800 18,800 16,600
PREPARE AN INCOME STATEMENT MARIE SWIFT Company reported the given information for the month of October: Inventories: Beginning Ending P36,000 Raw materials P29,000 Work in process P19,000 Finished goods P55,000 P21,000 P53,000 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost P64,000 Selling expense Administrative expense Net Sales units produced P75,000 P45,000 P16,000 P44,000 P500,000 20,000 Determine the values of the following: a. operating profit b. manufacturing cost c. cost of goods manufactured d. period cost e. operating expense f. cost of goods sold g. cost of product that is transferred to finished goods h. raw materials used i. gross profit j. total inventory cost reflected in the statement of financial position k. raw materials available for use I. manufacturing cost per unit m. conversion cost n. cost of goods placed in process o. prime cost
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