4. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows:CreditRMParticularsDebitRMDelivery van expensesLighting and heating:FactoryOfficeManufacturing wagesGeneral expenses:FactoryOfficeSales representatives : CommissionPurchase of raw materials1,7607,2201,49072,1008,1001,94011,68857,210Rent:FactoryOfficeMachinery (Cost : RM40,000)Office equipment ( RM9,000)Office salariesAccounts receivablesAccount payablesBank6,1002,70028,6008,20017,74034,2009,40016,142SalesVan (cost RM6,800)Inventory at 31 December 2020:Raw materialsFinished goodsDrawingsCapital194,8006,20013,26041,30024,200155,950360,150ТОTAL360,150Prepared by: Puan Siti Nor Junita Mohd RadziAdditional information:i. Inventory at 31 December 2020:a. Raw materialsb. Finished goodsii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140RM14,510RM44,490Required: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.

Income statement: The financial statement which reports revenues and expenses from business…

Additional information: 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 iii. 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.

Additional information: 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 iii. 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.

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

1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
The following information is available for the Murphy Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin Data table Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts…
Quincy Manufacturing reported the following information as of December 31, 2020. Based on actual costs, prepare the company's Schedule of Cost of Goods Manufactured and Sold. Be sure to include a proper heading and to provide necessary supporting calculations. Be sure to label what the numbers in your calculations represent. You will receive at most 50% credit for a correct answer if supporting calculations are not provided. If you upload a document with your answer, please be sure that your name appears at the top of the document. You will not receive credit if your name isn't on any attachment. Beginning Raw Materials Inventory$22,000Ending Raw Materials Inventory$27,000Indirect Materials Used$27,000Selling and Administrative Expenses$409,000Factory Rent$68,000Beginning Work in Process Inventory$33,000Ending Work in Process Inventory$25,000Net Delivered Cost of Materials Purchased$210,000Direct Labor Wages$325,000Production Equipment Depreciation$95,000Factory Supplies…
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2018 the accounting records showed the following: Requirements Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2018. Prepare an income statement for Chewy Bones for the year ended December 31, 2018. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? Chewy Bones manufactured 17,500 units of its product in 2018. Compute the company’s unit product cost for the year, rounded to the nearest cent.
3. The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods Purchases : raw materials Carriage on raw materials Direct labour 25,400 31,100 23,260 91,535 1,960 84,208 33,419 5,200 4,420 Office salaries Rent | Office lighting and heating Depreciation: Works machinery Office equipment Sales Factory fuel and power 10,200 2,300 318,622 8,120
d) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearlyshowing total manufacturing cost & total manufacturing costs to account for. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest.
REQUIRED: Prepare a cost of goods manufactured schedule for Simple plus Manufacturing Company for 2019. a. prime cost b. factory overhead
4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Assignment 3- COGM i C aw Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel. Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing 4 Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials Work in process Finished goods Direct materials: Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter.…
Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employees
Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for.