b) Maju Jaya Berhad is a furniture factory. It produces 1,000 sets of tables and chairs.Below is the information related to the production?CostRM10,000AdvertisingMachine Maintenance3,000Factory Insurance6,000Direct Material135,000Depreciation (Factory Equipment)300,000Depreciation (Office Equipment)6,0002,500General Office SuppliesFactory Utilities15,000Director's remuneration60,000Direct labour240,000Factory Supervisory Salary48,000Office Employees' Salaries20,000You are required to:Prepare a cost statement that shows prime cost, production cost and total cost.

Cost sheet is a method of allocating total costs into different categories. It helps to identify the…

b) Maju Jaya Berhad is a furniture factory. It produces 1,000 sets of tables and chairs. Below is the information related to the production? Cost RM 10,000 Advertising Machine Maintenance 3,000 Factory Insurance 6,000 Direct Material 135,000 Depreciation (Factory Equipment) 300,000 Depreciation (Office Equipment) 6,000 General Office Supplies 2,500 Factory Utilities 15,000 Director's remuneration 60,000 Direct labour 240,000 Factory Supervisory Salary 48,000 Office Employees' Salaries 20,000 You are required to: Prepare a cost statement that shows prime cost, production cost and total cost.

b) Maju Jaya Berhad is a furniture factory. It produces 1,000 sets of tables and chairs. Below is the information related to the production? Cost RM 10,000 Advertising Machine Maintenance 3,000 Factory Insurance 6,000 Direct Material 135,000 Depreciation (Factory Equipment) 300,000 Depreciation (Office Equipment) 6,000 General Office Supplies 2,500 Factory Utilities 15,000 Director's remuneration 60,000 Direct labour 240,000 Factory Supervisory Salary 48,000 Office Employees' Salaries 20,000 You are required to: Prepare a cost statement that shows prime cost, production cost and total cost.

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

AA Appliances manufactures three machines: washers, dryers, and dish washers. Data on the price and costs for the units are shown below. Washers Dryers Dish Washers Price $840.00 $670.00 $500.00 Direct Materials $420.00 $335.00 $250.00 Direct Labor $200.00 $110.00 $70.00 Variable Manufacturing Overhead $80.00 $70.00 $80.00 It is calculated that manufacturing overhead is allocated to the three products using a rate of $10 per machine hour. It is revealed that there are 140 extra machine hours to allocate to produce another product. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the machine hours used per item. Washers Dryers Dish Washers Variable Manufacturing Overhead Answer Answer Answer Over
A sada manufacturer has two operating departments. Miong and Botting Mixing has 600 employees and Botting has 400 employees. Office costs of $320,000 are allocated to operating departments based number of employees. The office costs allocated to the Botting department are Murple Choice O O O $90,000 $64,000 $200,000 $192.000
Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. 1. Plastic for casing-$20,000 2. Wages of assembly workers-$89,000 3. Property taxes on factory-$6,000 4. Office accounting salaries-$39,000 5. Drum stands-$35,000 6. Rent cost of office for accountants-$48,000 7. Office management salaries-$210,000 8. Annual fee for factory maintenance $16,000 9. Sales commissions-$21,000 10. Factory machinery depreciation, straight-line-$41,000 Costs Required: 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Office accounting salaries 5. Drum stands 6. Rent cost of office for accountants 7. Office management salaries 8. Annual fee for factory maintenance 9 Sales commissions 10 Factory machinery depreciation, straight-line i $ Product 20,000 Period
ABC Co. produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $500,000; assembly-line workers, $180,000; security guards, $45,000; and plant supervisor, $110,000. The total of ABC’s direct labor cost was: a. $235,000 b. $110,000 c. $155,000 d. $180,000
Watson's Computer Company uses ABC to account for its manufacturing process. Activities Indirect activitybudget Allocation base (cost driver) Materials handling $55,000 Based on number of parts Machine setup $32,000 Based on number of setups Assembling $9820 Based on number of parts Packaging $15,100 Based on number of finished units Watson's Computer Company expects to produce 2330 computers. Watson's Computer Company also expects to use 11,000 parts and have 10 setups.The allocation rate for materials handling will be (Round all answers to two decimal places.) Question 16 options: $5.00 $6.48 $8.40 $23.61
Randall Company manufactures chocolate bars. The following were among Randall's manufacturing costs during the current year: Wages Machine operators $ 300,000 Selling and administrative personnel $ 75,000 Materials used Lubricant for oiling machinery $ 25,000 Cocoa, sugar, and other raw materials $ 250,000 Packaging materials $ 190,000 Randall's direct materials amounted to:
Bell Corporation manufactures computers. Assume that Bell: • allocates manufacturing overhead based on machine hours. • estimated 12,000 machine hours and $93,000 of manufacturing overhead costs. The predetermined overhead rate is $7.75 per machine hour. • actually used 15,000 machine hours and incurred the following actual costs: Indirect labor $14,000 Depreciation on plant 49,000 Machinery repair 17,000 Direct labor 75,000 Plant supplies 5,000 Plant utilities 10,000 Advertising 33,000 Sales commissions 23,000 How much manufacturing overhead would Bell allocate?
A company manufactures skateboards. Compute the total amount of product costs from the follo Cost item a. Wheels, $15,000 b. Wooden boards, $22,000 c. Advertising costs, $5,000 d. Insurance on factory, $6,000 e. Factory equipment depreciation, $8,000 f. Assembly worker wages, $11,000 g. Salesperson salaries, $16,000 h. Office manager's salary, $7,000 i. Factory utilities, $3,000
2. Agrabah Inc. produces luxury carpets for homes and businesses. They reported the following financial information for the previous period: Direct Materials: Direct Labor: Production Manager Salary: 4,000 units used (purchased at $70/unit) per employee, 150 hours employees, each paid at $25/hour 20 $7,500 Accounting manager salary: $6,500 Factory Rent: $10,000 Administration building Rent: $2,000 Factory Utilities: Equipment Depreciation: $3,500 (based on power usage) $1,000 Equipment Maintenance: Total units produced in the period: $1,000 (considered a variable expense) 2,000 What is the per-unit cost of inventory produced under absorption costing? A) $150,000 B) $190,000 absorption costing? (Round (Round per-un C) $200,000 D) $189,000 D)
Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?