←F1XCInformation for Gifford, Inc., as of December 31 follows:$35,000Administrative salaries25,0006,000Depreciation of factory equipmentDepreciation of delivery vehiclesDirect labor68,0009,000Factory supplies used57,000Finished goods inventory, January 1Finished goods inventory, December 31?15,500Factory insuranceInterest expense12,000Factory utilities14,000Factory maintenance7,5005,000Raw materials inventory, January 1Raw materials inventory, December 314,000Raw material purchases125,000Rent on factory building25,00011,500Repairs of factory equipmentSales commissions37,5003,500Goods in process inventory, January 1Goods in process inventory, December 312,700Prepare a manufacturing statement for the year ended December 31.Edit Format Table12pt v ParagraphBTUΑνόν τονF2

The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…
Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.
Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. Questions 3. What is the amount of selling and distribution expense for the current period?4. How much is the net income for…
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The cost of goods sold for the year ended December 31, 2021 would be a. 1,500,000 b. 1,650,000 c. 1,610,000 d. 1,480,000
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Edmiston Company reported the following vear-end information: beginning work in process inventory, s80,000; cast of goods manufactured, $750,000; beginning finished goods inventory, $50,000, endng work in process inventory, $70,000; and ending finished goods inventory, 40,000. How much is Edmiston's cost of goods sold for the year? O 3740,000 O S770,000 • s760,000 O 750,000
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz
Assume RIOO 000 direct material was issued to the company. Direct labourpaid amounted to R30 000, Factory supervisor salary R4 000, Electricity forthe factory R3 000 and rent for the factory building was R20 000 . Supposethe Work - in - progress in the beginning of the year was R9 000 and at theend of the year was R6 000 . What is the value of the Finished goods that istransferred to the Sales department?A. R154 OOOB. R160 OOOC. R103 OOOD. R157 OOO
Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.

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