of P. Lucas for the year ended 30 September 2007. Stocks of raw materials, at cost Work in progress Finished goods stock For the year: Raw materials purchased Manufacturing wages Factory expenses Depreciation: Plant and machinery Delivery vans Office equipment Factory power Advertising Office and administration expenses Sales representatives' salaries and expenses Delivery van expenses Sales Carriage inwards 30.9.2006 $ 8,460 3,070 12,380 30.9.2007 $ 10,970 2,460 14,570 $ 38,720 20,970 12,650 7,560 3,040 807 6,120 5,080 5,910 6,420 5,890 134,610 2,720

of P. Lucas for the year ended 30 September 2007. Stocks of raw materials, at cost Work in progress Finished goods stock For the year: Raw materials purchased Manufacturing wages Factory expenses Depreciation: Plant and machinery Delivery vans Office equipment Factory power Advertising Office and administration expenses Sales representatives' salaries and expenses Delivery van expenses Sales Carriage inwards 30.9.2006 $ 8,460 3,070 12,380 30.9.2007 $ 10,970 2,460 14,570 $ 38,720 20,970 12,650 7,560 3,040 807 6,120 5,080 5,910 6,420 5,890 134,610 2,720

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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The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
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Current Attempt in Progress Tamarisk Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $14,800 12,120 3,840 47,120 77,440 132,480 8,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $66,480 44,320 2,400 1,280 1,920 14,400 2,510
Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your…
WHAT IS THE TOTAL COST OF GOODS SOLD?
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Ex) The following data were taken from the records of Santana company for the operating year ended in 31/12/2006 -Beginning raw materials inventory 7000 -Beginning work in process inventory 12000 -Purchases of raw materials 75000 -Purchases returns 1100 -Purchases allowance 900 -Purchases discounts 500 -Purchases expenses 2000 -Direct labor 66000 -Indirect materials 5500 -Indirect labor 8000 -Depreciation-Machinery 9000 -Maintenance-Machinery 11000 -Electricity 6500 -Heating and lighting 4000 -Ending raw materials inventory 14000 -Ended work in process inventory 9000 Ins:- 1-Prepare manufacturing account for the year ending in 31/12/2006. 2-Prepare manufacturing statement for the year ending in 31/12/2006. 37
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