Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general RM8,200 RM1,500 RM500 expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office Insurance are to be apportioned: % Factory Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. 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. c) Prepare statement of financial position as at 31 December 2020.

Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general RM8,200 RM1,500 RM500 expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office Insurance are to be apportioned: % Factory Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. 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. c) Prepare statement of financial position as at 31 December 2020.

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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Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 • Finished goods (ending) - $2,100 Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a cost of goods manufactured statement and an income statement.
24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
The following information is available for Apollo Company for 2021: Freight-in P 30,000 Purchase returns 75,000 Selling expenses 150,000 Ending inventory 260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? O P600,000. P890,000. P860,000. O P815,000.
Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
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i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished goods ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 ii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140 RM44,490 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. c) Prepare statement of financial position as at 31 December 2020. 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500…
2. A company has inventory on hand at year-end (31 December 2021) that it expects to be able to sell in the ordinary course of business for Rs. 10,000. The cost of these inventories is Rs: 7,000. In order to sell this inventory, the company expects to incur selling costs of Rs. 2,000 and expects to incur further costs of Rs. 3,000 to put this inventory into a saleable condition. Required: a. Calculate the net realizable value b. Calculate any possible write-down and c. Journalize any write-down necessary. d. Show where the write-down would be included and disclosed in the financial statements.
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A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $ 12,000, shipped f.o. b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $14, 000, shipped f.o. b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $70,000 was shipped to a customer f.o. b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $54,000 was being held on consignment by another company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Please explain your answer in detail of why you included or excluded?