PROBLEM 11. Prepare the Cost Sheet to show the total cost of production and cost per unit of goods manufactured by a company for the month of July, 2006. Also find the cost of sales and profit. 2$ Stock of Raw Materials, 1-7-2006 Raw Materials purchased Stock of Raw Materials, 31-7-2006 Mar.ufacturing Wages Depreciation on Plant Loss on sale of a part of Plant Factory Rent and Rates 3,000 Office Rent 28,000 General Expenses 4,500 Discount on Sales 7,000 Advertisement Expenses to be charged fully 600 1,500 Income Tax Paid 300 Sales 3,000 500 400 300 2,000 50,000 The number of units produced during July, 2006 was 3,000. The stock of finished goods was 200 and 400 units on 1-7-2006 and 31-7-2006 respectively. The total cost of the units on hand on 1-7-2006 was $. 2,800. All these had been sold during the month.

PROBLEM 11. Prepare the Cost Sheet to show the total cost of production and cost per unit of goods manufactured by a company for the month of July, 2006. Also find the cost of sales and profit. 2$ Stock of Raw Materials, 1-7-2006 Raw Materials purchased Stock of Raw Materials, 31-7-2006 Mar.ufacturing Wages Depreciation on Plant Loss on sale of a part of Plant Factory Rent and Rates 3,000 Office Rent 28,000 General Expenses 4,500 Discount on Sales 7,000 Advertisement Expenses to be charged fully 600 1,500 Income Tax Paid 300 Sales 3,000 500 400 300 2,000 50,000 The number of units produced during July, 2006 was 3,000. The stock of finished goods was 200 and 400 units on 1-7-2006 and 31-7-2006 respectively. The total cost of the units on hand on 1-7-2006 was $. 2,800. All these had been sold during the month.

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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Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000
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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
Figure 4 Steele Ltd. has the following information for January, February, and March 2011: Units produced Units sold January 10,000 7,000 February 10,000 March 10,000 8,500 10,500 Production costs per unit (based on 10,000 units) are as follows: Direct materials GHS12 Direct labour Variable factory overhead Fixed factory overhead Variable selling and admin. expenses Fixed selling and admin. expenses 4 10 4 There were no beginning inventories for January 2011, and all units were sold for GHS50. Costs are stable over the three months. 21. Refer to Figure 4. What is the January ending inventory for Steele Ltd. Using the variable costing method? a. GHS260,000 b. GHS78,000 c. GHS108,000 d. GHS90,000
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Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000
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Prob 5. 21-23
44) Same information as before - You have collected the following information about activity and costs - Activity - Machine Cost - Utilities Month Hours March 2,400 $18,500 2,600 $19,750 April May 2,900 $23,740 $25,500 $18,350 $17,290 June 3,100 July August September 1,950 October 2,100 1,900 $17,150 3,150 $25,200 November 3,000 $24,100 Using the High-Low method and your answers from the two previous questions, what is the estimated cost for December if the machines run for 2,550 hours ?
PROBLEM 4 Marquess Corporation has provided the following partial listing of costs incurred during May: Marketing salaries. $39,000 $8,000 Property taxes, factory Administrative travel. $102,000 $73,000 $31,000 $197,000 $145,000 $39,000 $78,000 Sales commissions Indirect labor. Direct materials. Advertising. Depreciation of production equipment....... Direct labor.... Required: a. What is the total amount of product cost listed above? Show your work. b. What is the total amount of period cost listed above? Show your work.