Q.From the following particulars, prepare a combined manufacturing & trading account of M/s Jain for the year ended 31.12.14 Particular AMOUNT Particular AMOUNT () Works managers salary Import Duty Purchase of finished Opening stocks A/c 5,000 12,500 Raw material A/c Work in Progress A/c Finished Goods 35,000 15,000 60,000 goods Raw material returned 40,000 10,000 Purchase of raw materials 2,00,000 Closing Stock 25,000 12,500 1,00,000 1,15,000 4,50,000 5,000 1,000 7,500 13,000 30,000 1,500 Raw Materials Work- in progress Finished Goods Wages Sales Return Inward Carriage inward Depreciation on plant Fuels and Power Factory Rent Factory Lighting

Q.From the following particulars, prepare a combined manufacturing & trading account of M/s Jain for the year ended 31.12.14 Particular AMOUNT Particular AMOUNT () Works managers salary Import Duty Purchase of finished Opening stocks A/c 5,000 12,500 Raw material A/c Work in Progress A/c Finished Goods 35,000 15,000 60,000 goods Raw material returned 40,000 10,000 Purchase of raw materials 2,00,000 Closing Stock 25,000 12,500 1,00,000 1,15,000 4,50,000 5,000 1,000 7,500 13,000 30,000 1,500 Raw Materials Work- in progress Finished Goods Wages Sales Return Inward Carriage inward Depreciation on plant Fuels and Power Factory Rent Factory Lighting

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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Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 $ 6,000 $ 5,500 900 Raw materials Factory supplies Work in process Finished goods 800 6,500 13,200 3,500 12,000 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (credit Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred to Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold
answer letter a to e.
accounts
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
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