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- 1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20Make a system for recording the cost of raw materials using the complete Periodic method.a) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal: (i) Totalmaterialsissuedtoproduction(ii) Manufacturing labour incurred(iii)Assign manufacturing labour to the appropriate accounts (iv)Other manufacturing overhead incurred(v) Manufacturing overhead applied to production (vi)Move completed jobs to finished goods(vii) Account for jobs completed and sold
- show full solution. Compute for the unit cost of goods manufacturedHw.52. The manufacturing concern has the following data available for the month of March 2020:Total manufacturing cost Rs. 10,000Total cost of goods manufactured Rs.15,500Cost of material purchased Rs.3,500Direct Labour Rs.2,100Direct material_ Begining Rs.3,100Direct material Ending Rs.600The amount of FOH must be RS. O a. 1,900 O b. 2,000 O C. 2,900 • d. 2,100Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor OMR 360000 OMR 200000 Factory maintenance Power and heat- factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020. OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: Material Work-in process Finished goods OMR 13800 OMR 19000 OMR 32000 3000 Units Total Production Units 35000 units Tinished goods are valued at the current unit manufacturing cost. You are required to prepare: L. Manufacturing Statement IL Calculate unit production cost.
- Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:Final Inventory 2019 2020FIFO ₱640,000 ₱ 712,000LIFO 560,000 636,000Net Income (computed under the FIFO method) 980,000 1,030,000Based on the above information, a change to the LIFO method in 2020 would result in net income for 2020 ofa. ₱1,070,000 c. ₱954,000b. ₱1,030,000 d. ₱950,000Clarkson corp, a lamp manufacturer provided the following information for the year ended December 31, 2024 Requirements - 1) use the information to prepare a schedule of cost of goods manufactured 2) what is the unit product cost if Clarkson manufactured 4310 lamps for the year? Survivor Company incurred the following cost for the year-ended December 31, 2021: Depreciation of delivery equipment Depreciation of administrative equipment Depreciation of production equipment Direct materials Direct labor Indirect labor Utilities, admin department Utilities, sales department Rent, finished goods warehouse Rent, raw materials warehouse Determine the total conversion cost. P11,953 P19,145 P15,646 P20,140 P25,644 P20,899 P30,974 P21,650 P15,830 P21,897
- 1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20Required: 1. Post January transactions to the general ledger, and subsidiary ledgers for materials and work in process.Gugusan Manufacturing, a family-owned business involved with producing stickers for homeand office use, has the following balances extracted from its books on 31 December 2022: Name of Accounts RM RM Raw materials, 1 January 2022 30,400Raw materials purchases 125,600Transportation of raw materials 8,500Custom duties on raw materials 2,800Factory wages 223,300Rent 96,000Depreciation of plant and factory machinery 23,600Depreciation of motor vehicles 36,000Oils and lubricants 1,800Factory supervisory’s salary 38,400General manager’s salary 80,000General expenses 6,000Utilities expenses 24,000Factory repairs and maintenance 4,800Sales returns 9,500Finished goods, 1 January 2022 58,300Advertising expense 10,500Salesmen’s commissions 32,700Salesmen's salaries 48,000Repairs to motor vehicles 12,000Selling expense 4,600Office wages & salaries 63,800Depreciation of office furniture 5,000Discounts allowed 8,400Bad debts expense 6,400Drawings 80,000Freehold land & buildings…