Prepare statement of cost production and stetement of comprehensive income 16:46 *l O OCTSha.pdfagai jenis pelanggan industri, mempunyai baki-baki berikut yang diekstrak dari bukunyaC020.)Name of AccountRMWIP - Raw materials, 1 January 2020WIP - Factory wages, 1 January 2020WIP - Factory overhead, 1 January 2020Raw materials, 1 January 2020Raw materials purchasesTransportation of raw materials14,63018,33021,66036,700251,3408,3409,600Custom duties on raw materials3,500285,43012,340Insurance on raw materialsFactory wagesGroup accident insurance on factory workersDepreciation of plant and factory machinery48,0005,700Oils and lubricantsFactory supervisor's wagesFactory cleaner's wagesFactory security's staff salariesFactory repairs and maintenanceFactory insurance expenseSales returns30,40012,30018,6009,5608,40023,00075,380Finished goods, 1 January 2020Advertising expense37,630Salesmen's commissions35,480Salesmen's salariesSelling expensesOffice wages & salariesOffice insurance expense64,57011,22073,5805,8703,500Depreciation of office furnitureDiscounts allowed22,46032,760Bad debts expenseRent expensesManager's salaryUtilities180,00099,00040,80044,000Depreciation of motor vehiclesGeneral expensesPilferage of raw materialsReturns of raw materials22,5001,4005,6002,854,200SalesDiscount received23,46015,000Interest on fixed deposits 16:47 *l 90CTSha.pdfSULIT(BFT106)-10-Additional information:(Maklumat tambahan:]On 31 December 2020, the following estimates were made:[Pada 31 Disember 2020, anggaran-anggaran berikut telah dibuat:](i)Rent – two-thirds of the rent is for the factory while the rest is for the office.(Sewa - dua pertiga daripada sewa adalah untuk kilang sementara selebihnya untuk pejabat.](ii) Manager's salary – one-third is for the factory while the rest is for the office.[Gaji pengurus - satu pertiga adalah untuk kilang sementara selebihnya untuk pejabat.](iii) Utilities – RM4,800 of the utilities is estimated to be for the office use.[Utiliti - RM4,800 utiliti dianggarkan untuk kegunaan pejabat.)(iv) Depreciation of motor vehicles – RM36,000 of this considered to be for use by the factorand the rest for the office,(Susut nilai kenderaan bermotor - RM36,000 ini dianggap digunakan oleh faktor tersebut dan selebihnyauntuk pejabat.J(v) General expense - one-third of the amount is considered to be for office use while therest is for use in the factory.[Perbelanjaan umumsatu pertiga daripada jumlah tersebut dianggap untuk kegunaan pejabatsementara selebihnya digunakan untuk kilang.)(vi) Inventory of raw materials – RM15,420.[Inventori bahan mentah - RM15,420.(vii) WIP, raw materials – RM13,690.(WIP, bahan mentah - RM13,690.](viii) WIP, factory wages – RM16,320.(WIP, upah kilang - RM16,320.)(ix) WIP, factory overhead – RM28,850.(WIP, overhed kilang - RM28,850.J(x) Inventory of finished goods was valued at RM95,000.[Inventori barang siap dinilai pada RM95,000.J..11/-SULIT

Name: Prepare statement of cost production and stetement of comprehensive in
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Prepare statement of cost production and stetement of comprehensive income 16:46 *l O OCTSha.pdfagai jenis pelanggan industri, mempunyai baki-baki berikut yang diekstrak dari bukunyaC020.)Name of AccountRMWIP - Raw materials, 1 January 2020WIP - Fact

Statement of cost of production states about the total cost of goods manufactured during the period.…

Business

Accounting

Name of Account RM 14,630 WIP - Raw materials, 1 January 2020 WIP - Factory wages, 1 January 2020 WIP - Factory overhead, 1 January 2020 Raw materials, 1 January 2020 Raw materials purchases Transportation of raw materials Custom duties on raw materials Insurance on raw materials Factory wages Group accident insurance on factory workers Depreciation of plant and factory machinery Oils and lubricants Factory supervisor's wages Factory cleaner's wages Factory security's staff salaries Factory repairs and maintenance Factory insurance expense 18,330 21,660 36,700 251,340 8,340 9,600 3,500 285,430 12,340 48,000 5,700 30,400 12,300 18,600 9,560 8,400 Sales returns 23,000 75,380 37,630 Finished goods, 1 January 2020 Advertising expense Salesmen's commissions Salesmen's salaries Selling expenses Office wages & salaries Office insurance expense Depreciation of office furniture Discounts allowed Bad debts expense Rent expenses Manager's salary Utilities Depreciation of motor vehicles General expenses Pilferage of raw materials Returns of raw materials Sales 35,480 64,570 11,220 73,580 5,870 3,500 22,460 32,760 180,000 99,000 40,800 44,000 22,500 1,400 Discount received Interest on fixed deposits 5,600 2,854,200 23,460 15,000

Name of Account RM 14,630 WIP - Raw materials, 1 January 2020 WIP - Factory wages, 1 January 2020 WIP - Factory overhead, 1 January 2020 Raw materials, 1 January 2020 Raw materials purchases Transportation of raw materials Custom duties on raw materials Insurance on raw materials Factory wages Group accident insurance on factory workers Depreciation of plant and factory machinery Oils and lubricants Factory supervisor's wages Factory cleaner's wages Factory security's staff salaries Factory repairs and maintenance Factory insurance expense 18,330 21,660 36,700 251,340 8,340 9,600 3,500 285,430 12,340 48,000 5,700 30,400 12,300 18,600 9,560 8,400 Sales returns 23,000 75,380 37,630 Finished goods, 1 January 2020 Advertising expense Salesmen's commissions Salesmen's salaries Selling expenses Office wages & salaries Office insurance expense Depreciation of office furniture Discounts allowed Bad debts expense Rent expenses Manager's salary Utilities Depreciation of motor vehicles General expenses Pilferage of raw materials Returns of raw materials Sales 35,480 64,570 11,220 73,580 5,870 3,500 22,460 32,760 180,000 99,000 40,800 44,000 22,500 1,400 Discount received Interest on fixed deposits 5,600 2,854,200 23,460 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: Cost ManagementCost management is the process of organizing and overseeing a company's spending…

Q: Discuss the merits and demerits of the cost volume profit analysis (CVP)

A: Cost volume profit analysis is one of the important concept used in cost accounting. Under this…

Q: A responsibility accounting system utilizes and assigns costs on the basis of their a.…

A: With the use of a responsibility accounting system, performance and accountability may be evaluated…

Q: What would be the outputs for the given assumptions: Total revenue: Total costs: Total profit:

A: Break Even Point is that point at which there is no profit & loss would arise. At break even…

Q: Matching Following are a number of key terms and concepts introduced in thechapter, along with a…

A: Cost Accounting is a form of managerial accounting in which all the costs whether variable or fixed…

Q: Classification of final goods in management accounting pesperctive.

A: In management accounting, final products refer to the goods or services that have completed the…

Q: Describe analyzing of profit using contribution margin.

A: The contribution margin ratio is the percentage of difference in a company's sales and variable…

Q: List the most important assumptions of cost-volume-profit analysis.

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining that how any…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost: It refers to the economic value incurred by an organization for manufacturing a product or…

Q: Standard cost is a Select one: O a. Actual cost b. Historical cost c. Predetermined cost O d. direct…

A: Let's start with understanding of meaning of standard cost Standard cost:- Standard cost is the…

Q: Which of the following costs is relevant in decisionmaking? committed costs accounting costs cash…

A: Following is the answer to the given question

Q: Cost information is required for: Select one: O A. Pricing decisions O B. Valuation of inventories O…

A: Cost information means the data and information available relating to the cost of a product or…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost: Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: Describe the components of contribution margin.

A: Contribution Margin: Contribution Margin refers to the margin of profit expected by the company. The…

Q: Describe at a high level the various cost categories and expenditures.

A: Expenditures refer to money spent on goods, services, or investments. It is the amount of money used…

Q: Explain how to prepare production cost report using the weighted average method.

A: Process cost summary: Process cost summary is prepared separately for each production department or…

Q: Merits and demerits of the cost value profit analysis CVP

A: Lets understand the basics. Cost volume profit analysis (CVP) is as name suggest analysis of total…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: Using product costing procedures, a cost is allocated to a product. The most frequent costing…

Q: Define standard costs and briefly indicate how they may beused by management in planning and…

A: Standard costs: Standard costs are the per-unit cost that is expected to be incurred under normal…

Q: Discuss the role of cost accounting in relation to various department in organisation.

A: Introduction: Cost accounting is a form of managerial accounting that aims to capture a company's…

Q: Define Accounts payable and what are its representative cost driver?

A: Accounts payable: Accounts payable is the obligation of the company to make payment (within period…

Q: Describe the earned value management terms.

A: Introduction: The concept of earned value management is an important tool both for the manager…

Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

Topic Video

Question

Prepare statement of cost production and stetement of comprehensive income

16:46 *l O O
CTSha.pdf
agai jenis pelanggan industri, mempunyai baki-baki berikut yang diekstrak dari bukunya
C020.)
Name of Account
RM
WIP - Raw materials, 1 January 2020
WIP - Factory wages, 1 January 2020
WIP - Factory overhead, 1 January 2020
Raw materials, 1 January 2020
Raw materials purchases
Transportation of raw materials
14,630
18,330
21,660
36,700
251,340
8,340
9,600
Custom duties on raw materials
3,500
285,430
12,340
Insurance on raw materials
Factory wages
Group accident insurance on factory workers
Depreciation of plant and factory machinery
48,000
5,700
Oils and lubricants
Factory supervisor's wages
Factory cleaner's wages
Factory security's staff salaries
Factory repairs and maintenance
Factory insurance expense
Sales returns
30,400
12,300
18,600
9,560
8,400
23,000
75,380
Finished goods, 1 January 2020
Advertising expense
37,630
Salesmen's commissions
35,480
Salesmen's salaries
Selling expenses
Office wages & salaries
Office insurance expense
64,570
11,220
73,580
5,870
3,500
Depreciation of office furniture
Discounts allowed
22,460
32,760
Bad debts expense
Rent expenses
Manager's salary
Utilities
180,000
99,000
40,800
44,000
Depreciation of motor vehicles
General expenses
Pilferage of raw materials
Returns of raw materials
22,500
1,400
5,600
2,854,200
Sales
Discount received
23,460
15,000
Interest on fixed deposits

16:47 *l 90
CTSha.pdf
SULIT
(BFT106)
-10-
Additional information:
(Maklumat tambahan:]
On 31 December 2020, the following estimates were made:
[Pada 31 Disember 2020, anggaran-anggaran berikut telah dibuat:]
(i)
Rent – two-thirds of the rent is for the factory while the rest is for the office.
(Sewa - dua pertiga daripada sewa adalah untuk kilang sementara selebihnya untuk pejabat.]
(ii) Manager's salary – one-third is for the factory while the rest is for the office.
[Gaji pengurus - satu pertiga adalah untuk kilang sementara selebihnya untuk pejabat.]
(iii) Utilities – RM4,800 of the utilities is estimated to be for the office use.
[Utiliti - RM4,800 utiliti dianggarkan untuk kegunaan pejabat.)
(iv) Depreciation of motor vehicles – RM36,000 of this considered to be for use by the factor
and the rest for the office,
(Susut nilai kenderaan bermotor - RM36,000 ini dianggap digunakan oleh faktor tersebut dan selebihnya
untuk pejabat.J
(v) General expense - one-third of the amount is considered to be for office use while the
rest is for use in the factory.
[Perbelanjaan umum
satu pertiga daripada jumlah tersebut dianggap untuk kegunaan pejabat
sementara selebihnya digunakan untuk kilang.)
(vi) Inventory of raw materials – RM15,420.
[Inventori bahan mentah - RM15,420.
(vii) WIP, raw materials – RM13,690.
(WIP, bahan mentah - RM13,690.]
(viii) WIP, factory wages – RM16,320.
(WIP, upah kilang - RM16,320.)
(ix) WIP, factory overhead – RM28,850.
(WIP, overhed kilang - RM28,850.J
(x) Inventory of finished goods was valued at RM95,000.
[Inventori barang siap dinilai pada RM95,000.J
..11/-
SULIT

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 Introduction

VIEW

Step 2 Statement of cost production

VIEW

Step 3 Income statement

VIEW

Step by step

Solved in 3 steps

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.