Izzara enterprise manufactures jeans. It is the financial year-end for the business, and you havebeen contacted to prepare Izzara's year-end accounts. The bookkeeper provides you with thefollowing extraction of Izzara's accounts.ItemsDepreciation - plant and machineryDepreciation-office buildingOpening inventories:Raw materialsWork-in-progressFinished goodsPurchase of raw materialsElectricity and powerBookkeepers' salariesProduction wagesIndirect labourRent and ratesRepairs to plantAdditional information:RM60,00025,00042,00028,00046,000516,00042,00034,000118,00026,00042,00018,0001. Closing inventories at 31 December 2023.2.Raw materialsWork-in-progressFinished goodsRM50,00022.00052,00075% of rent and rates and 80% of electricity and power relate to the factory.Required:a)Compute total prime cost.b)Calculate total manufacturing cost.(5 marks)(5 marks)

Answer:a) Total prime cost = Direct materials + Direct labor = Opening inventories of raw materials…

Answered: Izzara enterprise manufactures jeans.…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter6: Work Sheet And Adjusting Entries For A Service Business

Section: Chapter Questions

Problem 1AP

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PROBLEMS Instructions: Supply the answer supported by computations in good form using your worksleet. 000 0A Problem 1-1. Bayo Dress Shop makes evening dresses. The following information has been gathered from the company records of 2019, the first year of company operations. Work in Process Inventory at the end of the year was P100,000. 008 Raw materials purchased on account, of which only P2,350,000 75% were paid during the year. 00 Raw materials issued to production, of which 25% is indirect materials 1,940,000 Accrued factory payroll (80% is direct labor) Depreciation of sewing and computer equipment Utilities paid Factory insurance expired Factory rent including P50,000 deposit usqmo MM 960,000o 1,350,000 80,000 320,000 17,500 no bro 000,01 to 1ey Bayo Dress Shop applies actual overhead to production. es[o 00 00aw bias i yunst no 000,0809 26w yosval 0e srut no 00, elsisir
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer in proper format
Current Attempt in Progress Your answer is partially correct. In January, Sunland Tool & Die requisitions raw materials for production as follows: Job 1 $930, Job 2 $1,200, Job 3 $720, and general factory use $610. Prepare a summary journal entry to record raw materials used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Journalize the following transactions for Carla Vista Company. (a) Purchased 5,900 units of raw materials on account for $10,930. The standard cost was $11,800. (b) Issued 5,600 units of raw materials for production. The standard units were 5,740. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) (b) Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Debit 11800 Credit 10930
During the current month, a company that uses job order costing purchases $76,000 in raw materials for cash. It then uses $20,000 of raw materials indirectly as factory supplies and uses $45,800 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list Journal entry worksheet < 2 3 1 Record the raw materials purchase for $76,000, paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank 402a09f7bfd8fe4_2 fill in the blank 402a09f7bfd8fe4_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank 155ee4fc1fa7016_2 fill in the blank 155ee4fc1fa7016_3 fill in the blank 155ee4fc1fa7016_5 fill in the blank 155ee4fc1fa7016_6 fill in the blank 155ee4fc1fa7016_8 fill in the blank 155ee4fc1fa7016_9 fill in the blank 155ee4fc1fa7016_11 fill in the blank 155ee4fc1fa7016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank b536c9051fba057_2 fill in the blank…
elearn.squ.edu.om/mod/quiz/at ng services SQU Libraries SQU Portal Attendance En An accountant recently debited Work-in-Process Inventory and credited Manufacturing Overhead at a company that uses job order costing. The accountant was: Select one: O a. recognizing the completion of production. O b. recognizing actual overhead incurred during the period. O c. recognizing receipt of the factory utilities bill. O d. recording a year-end adjustment for an insignificant amount of underapplied overhead. O e. applying a predetermined overhead amount to production.
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+ The bookkeeper of Chung Manufacturing provides you with the following trial balance and information. Purchases of raw materials Fuel and light Administration salaries Factory wages Carriage outwards Rent and business rates Sales Returns inward General office expenses Repairs to plant and machinery Inventory at 1 January 2023: Raw materials Work-in-progress Finished goods Sundry accounts payable Capital Freehold premises Plant and machinery Accounts receivable Trial balance as at 31 December 2023 RM 364,000 21,000 17,000 65,000 4,000 21,000 Accumulated depreciation on plant and machinery Cash in hand 8,000 9,000 12,000 Raw materials Work-in-progress 25,000 15,000 23,000 410,000 80,000 25,000 15,000 1,114,000 Additional information: į. Depreciation on plant and machinery is 20% - straight-line method. ii. Closing inventories at 31 December 2023. RM 30,000 11,000 Finished goods 25,000 iii. Allocate 70% of fuel and light and 65% of rent and rates to manufacturing. iv. RM3,000 outstanding…
Zang Co. manufactures its products in a continuous process involving two departments, Machining and Assembly. Prepare journal entries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. fill in the blank ebb198fb5044008_2 fill in the blank ebb198fb5044008_4 b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. fill in the blank bc86e1f3a046016_2 fill in the blank bc86e1f3a046016_3 fill in the blank bc86e1f3a046016_5 fill in the blank bc86e1f3a046016_6 fill in the blank bc86e1f3a046016_8 fill in the blank bc86e1f3a046016_9 fill in the blank bc86e1f3a046016_11 fill in the blank bc86e1f3a046016_12 c. Direct labor used by Machining, $23,000; Assembly, $47,000. fill in the blank e1ca5ffd1ff8fbf_2 fill in the blank…
Subject :- Accounting

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