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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Choose the correct letter of answer The accounting records of Abalos Company revealed the following information: Raw materials used, P500,000; labor cost, 50% of raw materials used; overhead, 30% of raw materials used; administrative and selling expenses, 20% of labor cost. The total product cost is equivalent to: a. P1,000,000b. P 900,000c. P 750,000d. P650,000
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
4. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory P320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 How much was the Cost of goods sold?
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).
Selected data from Design Corporation for 206 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue Plant Utilities Sales commissions $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23,700 Conversion Cost is: a. $179,000 O b. $354,000 O c. $224,000 O d. $259,000
Details $ Advertising expenses 140,000 Office expenses 400,000 Depreciation of office equipment 895,000 Direct raw materials 1,650,000 Production foremen salaries 540,000 Production workers wages 1,050,000 Indirect material charges 420,000 Depreciation of factory machinery 955,000 Carriage outwards 85,000 Wages of truck drivers 1,700,000 Electricity 960,000 Administrative staff salaries 3,200,000 Warehouse staff salaries 2,300,000 Salesmen commission 6,500,000 License fee 500,000 Insurance 600,000 Notes: Apportion the following charges as indicated below: Details Factory Administration Distribution Selling Electricity 40% 25% 20% 15% Insurance 45% 20% 15% 20% Identify the factory overheads: (i) Production foreman salaries (ii) License fees (iii) Direct expenses…
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Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 ssS contributions Phil health contributions P2,000 7,100 HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions…
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 135000 Direct labor 87000 Factory overhead 60 % of purchases Administrative expenses 28500 Purchases 120000 Select one: a. 294000 b. 335000 c. 367300 d. 322500