FINANCIAL ACCOUNTING AND REPORTINGThe following information is available for Nics Company. March 1March 31Raw materials inventoryP12,000P10,000Work in process inventory2,5004,000Materials purchased in MarchP90,000Direct labor in March75,000Manufacturing overhead in March220,000Requirement: Prepare the cost of goods manufactured schedule for March 2X20. Superman CompanySuperman Company has the following costs and expenses for the year ending December 21, 2X20.Raw materials, 1/1/20Raw materials, 12/31/20P30,000 Property taxes, factory building20,000 Sales revenue205,000 Delivery expenses80,000 Sales commissions50,000 Indirect labor110,000 Factory machinery rent120,000 Factory utilities350,000 Depreciation, factory building35,000 Administrative expensesP6,0001,500,000100,000Raw materials purchasesWork-in-process, 1/1/20Work-in-process, 12/31/20Finished goods, 1/1/20Finished goods, 12/31/20150,000105,00040,00065,000Direct labor24,000Factory manager's salaryInsurance, factory300,00014,000Requirement:1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume thatall raw materials used were direct materials. (10 points)2. Prepare an income statement for Superman Company for 2020. (10 points)3. Assume that Superman Company's accounting records show the balances of the following currentasset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, andShort-Term Investments P26,000. Prepare the current assets section of the balance sheet forSuperman Company as of December 31, 2020. (10 points) Roderick CompanyRoderick Company reported the following costs and expenses in May.P15,600 Direct labor12,650 Sales salaries8,800 Property taxes on factorybuilding48,900 Repairs to office equipment80,800 Factory repairs137,600 Advertising13,000 Office supplies usedFactory utilitiesDepreciation on factory equipmentDepreciation on delivery trucksP89,10046,4002,500Indirect factory labor2,3002,000Indirect materialsDirect materials used18,000Factory manager's salary5,640Requirement: Using the given information, determine the total amount of: (3 items x 5 points)1. Manufacturing overhead2. Product costs3. Period costs

The Numerical has covered the concept of Cost of Goods Manufactured. The Cost of Goods Manufactured…

Answered: FINANCIAL ACCOUNTING AND REPORTING The…

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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FINANCIAL ACCOUNTING AND REPORTING

The following information is available for Nics Company.

	March 1	March 31
Raw materials inventory	P12,000	P10,000
Work in process inventory	2,500	4,000
Materials purchased in March	P90,000
Direct labor in March	75,000
Manufacturing overhead in March	220,000

Requirement: Prepare the cost of goods manufactured schedule for March 2X20.

Superman Company
Superman Company has the following costs and expenses for the year ending December 21, 2X20.
Raw materials, 1/1/20
Raw materials, 12/31/20
P30,000 Property taxes, factory building
20,000 Sales revenue
205,000 Delivery expenses
80,000 Sales commissions
50,000 Indirect labor
110,000 Factory machinery rent
120,000 Factory utilities
350,000 Depreciation, factory building
35,000 Administrative expenses
P6,000
1,500,000
100,000
Raw materials purchases
Work-in-process, 1/1/20
Work-in-process, 12/31/20
Finished goods, 1/1/20
Finished goods, 12/31/20
150,000
105,000
40,000
65,000
Direct labor
24,000
Factory manager's salary
Insurance, factory
300,000
14,000
Requirement:
1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that
all raw materials used were direct materials. (10 points)
2. Prepare an income statement for Superman Company for 2020. (10 points)
3. Assume that Superman Company's accounting records show the balances of the following current
asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and
Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for
Superman Company as of December 31, 2020. (10 points)

Roderick Company
Roderick Company reported the following costs and expenses in May.
P15,600 Direct labor
12,650 Sales salaries
8,800 Property taxes on factory
building
48,900 Repairs to office equipment
80,800 Factory repairs
137,600 Advertising
13,000 Office supplies used
Factory utilities
Depreciation on factory equipment
Depreciation on delivery trucks
P89,100
46,400
2,500
Indirect factory labor
2,300
2,000
Indirect materials
Direct materials used
18,000
Factory manager's salary
5,640
Requirement: Using the given information, determine the total amount of: (3 items x 5 points)
1. Manufacturing overhead
2. Product costs
3. Period costs

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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