Q1. Presented below account balances of One Company at December31, 2007Inventories january1Inventories December 31 raw materials 300,000Purchases of raw material 4,000,000machine DepreciationHeat, light (factory70%, General office 30%) 600,000 Selling and administrative salaries 300,000work in process 400,000work in process 200,000raw materials 550,000purchase return 200,000direct labor 900,000Transportation- in 100,000650,000300,000indirect laborInstructions: Prepare for the year ended 31/12/20071. manufacture account2. schedule of cost of goods manufactured

Solution- 1- Manufacturing Account…

Q1. Presented below account balances of One Company at December31, 2007 Inventories january1 Inventories December 31 raw materials 300,000 nases of raw material 4,000,000 purchase return 200,000 machine Depreciation Heat, light (factory70%, General office 30%) 600,000 Selling and administrative salaries 300,000 raw materials 550,000 work in process 400,000 work in process 200,000 Transportation- in 100,000 650,000 300,000 direct labor 900,000 indirect labor

Q1. Presented below account balances of One Company at December31, 2007 Inventories january1 Inventories December 31 raw materials 300,000 nases of raw material 4,000,000 purchase return 200,000 machine Depreciation Heat, light (factory70%, General office 30%) 600,000 Selling and administrative salaries 300,000 raw materials 550,000 work in process 400,000 work in process 200,000 Transportation- in 100,000 650,000 300,000 direct labor 900,000 indirect labor

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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According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 184000 Wages 56000 Factory overhead 37 % of prime cost Interest expense 9500 Taxes 3300 Select one: a. 339300 b. 341500 c. 336000 d. 328800
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Selected financial information for Shadyside Manufacturing is presented in the following table (000s omitted). Sales revenue $5,000 Purchases of direct materials $480 Direct labor $510 Manufacturing overhead $690 Operating expenses $680 Beginning raw materials inventory $260 Ending raw materials inventory $180 Beginning work in process inventory $360 Ending work in process inventory $450 Beginning finished goods inventory $300 Ending finished goods inventory $230 What was the cost of direct materials used? $740 $440 $560 $480
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Question 38?
ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
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