provide the following: work in process in Jan 1, 2022, finished goods in dec 31, 2022 and amount of purchased materials in 2022 Problem 6Asia Career Company. a manufacturing entity shows the following amounts in thecost of goods sold statement and the statement of comprehensive income for the year2022Required:MaterialsWork in processFinished goodsMaterials usedJanuary 1, 2022P 125,000Cost of goods soldCost of goods manufacturedTotal manufacturing costs100,0001. Work in process, January 1, 2022.Finished goods. December 31, 20222.3. Amount of materials purchased in 2022December 31, 2022P 187,500108,750737,500937.5001,000,000987,500

1. Work in process, January 1,2022 Cost of goods manufactured = Beginning WIP +Total…

Problem 6 Asia Career Company. a manufacturing entity shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the 2022 year January 1, 2022 P 125.000 Materials Work in process Finished goods Materials used Cost of goods sold Cost of goods manufactured Total manufacturing costs 100,000 Required: 1. Work in process, January 1, 2022 Finished goods, December 31, 2022 2. 3. Amount of materials purchased in 2022 December 31, 2022 P 187,500 108,750 737,500 937,500 1,000,000 987,500

Problem 6 Asia Career Company. a manufacturing entity shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the 2022 year January 1, 2022 P 125.000 Materials Work in process Finished goods Materials used Cost of goods sold Cost of goods manufactured Total manufacturing costs 100,000 Required: 1. Work in process, January 1, 2022 Finished goods, December 31, 2022 2. 3. Amount of materials purchased in 2022 December 31, 2022 P 187,500 108,750 737,500 937,500 1,000,000 987,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PRACTICE EXERCISE 2: Use a separated sheet of paper for your answer. Prepare for the Projected Cost of Goods Manufactured Schedule of SARS Company for 2020 given the following: Direct Materials: Direct Labor: Manufacturing Overhead: Beginning WIP* Inventory Ending WIP Inventory *WIF is Work in Process P100,000 P50,000 P60,000 P10,000 P30,000
Please help me to solve this problem
Make a system for recording the cost of raw materials using the complete Periodic method.
Please do not give solution in image format thanku
Bansal Industries at Ludhiana, Punjab manufactures Product X. On 1st January 2023, there were 500 unitsof finished productin stock. Otherstocks on 1st January 2023 were as under: Work in progress Rs. 5740 Raw materials Rs. 11,620 The information available from cost records for the year ended 31st December 2023 was as follows: Particulars Indirect labour Rs. Direct labour 12,160 32,640 Freight on Raw Materials purchased 5,570 Stock of Raw materials on 31-12-2023 9,640 Other FactoryExpenses 31,730 Work in progress on 31-12-2023 7,820 Sales 15,000 units Indirect Materials Total Manufacturing costs incurred 3,60,000 21,390 1,94,080
5
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
A elearn.squ.eu Comp Time left 0:25:14 XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec Jan 2020 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR OMR 15,000 18,000 Finished Goods OMR 30,000 OMR Inventory 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Please do not give solution in image format thanku
Clarkson 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?
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -