Mrs. Aruna took a contract at a price of Rs.30,00,000 Following details are available, In respect of contract for the year 2017. Rs. Rs. Materials 6,00,000 Plant Wages 1,00,000 10,000 7,00,000 Outstanding wages

Mrs. Aruna took a contract at a price of Rs.30,00,000 Following details are available, In respect of contract for the year 2017. Rs. Rs. Materials 6,00,000 Plant Wages 1,00,000 10,000 7,00,000 Outstanding wages

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

See similar textbooks

Related questions

Q: why are all the answerer are wrong please help

A: Inventory valuation method includes: First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted…

Q: Postpurchase dissonance is a function of a. None of the mentioned b. The difficulty of…

A: The answer is : d . All of the mentioned

Q: How do I solve these?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A project with a negative NPV should be rejected. O True O False

A: Net present value = present value of future cash inflows discounted at desired rate of return -…

Q: 1: General-purpose financial reports do not and cannot provide all of the information that existing…

A: General purpose financial statements are those statements which are provided to a large group of…

Q: t more difficult to maintain a short position than a long position. True or false? Explain your ans

A: There are two methods in the stock market one is to go long in the market and other is you go short…

Q: Comment on the following statement: ‘‘More information is always preferred to less; you can never…

A: Information Overload: Information overload is used to describe the situation in which manager…

Q: nt I think the answer for present value is wrong, when I solve it on excel it gives me a

A: Price of bond is the present value of coupon payment and present value of par value of bond based on…

Q: This is is used to check the effect on the recommendations of a model if the estimates turn out to…

A: solution: concept In a what if analysis we try to answer the question of what if What if the value…

Q: VAR asks the simple question: "How bad can things get?" True/ False

A: VAR or Value at risk is the potential investment risk. It uses historic data to find out the…

Q: why would it not be option A

A: The T1 personal tax return is the tax return form required to be filed by all taxpayers in Canada.…

Q: answer to that problem is zero?

A: Accured liabilities and the liabilities which need to prepare within 1 year and the said to be…

Q: Am I doing it correct?

A: Internal users can be defined as those users which directly affect the working of a business. On the…

Question

100%

I want perfect answer otherwise I will give downvotes

Mrs. Aruna took a contract at a price of Rs.30,00,000
Following details are available, In respect of contract for the year 2017
Rs.
Rs.
Materials 6,00,000 Plant
Wages
1,00,000
10,000
7,00,000 Outstanding wages

30,000 Stock of Materials on 31-12-17
24,000
Others
Work certified Rs.14,40,000 of which Rs.10,80,000 were paid. Work
completed but uncertified was Rs.40,000. Plant at the end, Rs.80,000, Prepare
Contract Account.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hw30
Consider the data below and perform the following for company YZ. September October November Units sold 3 ,000 2 ,800 3 ,200 Direct Materials $ 18,000.00 $ 16,800.00 $ 19,200.00 Direct Labour $ 11,250.00 $ 10,500.00 $ 12,000.00 Manufacturing Overhead $ 12,500.00 $ 12,250.00 $ 12,750.00 Sales Commissions $ 2,250.00 $ 2,100.00 $ 2,400.00 Other Selling Expenses $ 9,850.00 $ 9,810.00 $ 9,890.00 Administrative Expenses $ 7,700.00 $ 7,700.00 $ 7,700.00 6.1 What is the cost equation for Direct Materials 6.2 What is the cost…
At the beginning of the year in GHI, the opening work-in-progress was $240,000. During the year, the following expenditure was incurred: $ Prime cost 720,000 Factory overheads 72,000 The closing work-in-progress was 350,000 The factory cost of goods completed during the year was..................................
am. 162.
Direct materials issued to production $170,000Indirect materials issued to production $45,000Other manufacturing overhead $255,000Overhead allocated $240,000Direct labour costs $80,000 Is the manufacturing overhead under- or over-applied? By how much?
1. The following information is available for Department A of B Manufacturing Corporation for themonth of July:WIP, July 1, 30% complete 5,000 unitsCosts: Materials P12,000.00 DL P6,000.00 OH P8,000.00 Started in production during July 20,000 unitsCost added: Materials P36,000.00 DL P16,000.00 OH P20,200.00 WIP, July 31, 20% complete 2,000 units Materials are added at the beginning of the process and the company uses the weighted averagemethod to account for cost. Required: A. Cost of production report assuming the company utilizes FIFO method of accounting costsB. Cost of WIP ending, under WAC. Cost of WIP ending, under FIFOD. Cost of goods transferred to finished goods, under WAE. Cost of goods started and completed in July, under FIFO
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 ssS contributions Phil health contributions P2,000 7,100 HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions…
Work in process, beginning.............Php 40,000 Costs added to production.........Php280,000 Costs transferred to next department....Php450,000 Work in process, ending..............Php 30,000 What were the transferred-in costs? A. Php160,000 B. Answer not given C. Php320,000 D. Php130,000 E. Php200,000
Hw32
Exercises (A) Short answer problems : 1. Calculate the Raw Material Consumed from the following details: Rs. Raw Materials purchased 80,000 Sale of Material scrap 1,000 12,000 Opening stock of Raw Materials Closing stock of Raw Materials 21,000 [Ans : R
5. Income statement; profit percentage. The Shelikoff Company submits the following informa- Tion on December 31, 19--: $314.000 Sales for the year.. Inventories at the beginning of the year: Finished goods Work in process Materials Purchases of materials for the year Direct labor 5,900 4,600 3,800 140,000 67,350/ Factory overhead: 50% of labor cost Inventories at the end of the year: Finished goods Work in process. Materials. 9.270 6,200 4,300 Other expenses for the year: Marketing expenses Administrative expenses 23,115 17,650 Required: (1) An income statement for the year ended December 31, 19-- (2) The percentage of income to sales, before income tax.