Q4. The following information pertains to the most recent quarter atprecious production limited-Purchases of raw materials360 000raw material inventory beginning 40,000raw material inventory ending68,000depreciation factory168000insurance factory20,000direct labour240,000maintenance, factory120,000administrative expenses280000sales1800000utilities, factory108000supplies, factoryselling expenses4000320,000indirect labourwork in process inventory, 28,000beginning260,000work in process inventory, ending 120,000finishedgoodsinventory, 40,000beginningfinished goods inventory, ending160,000Prepare a schedule of cost of goods manufactured and incomestatement

Income statement means the statement which show the cost of goods sold and selling price and give…

Q4. The following information pertains to the most recent quarter at precious production limited- Purchases of raw materials 360 000 raw material inventory beginning 40,000 raw material inventory ending depreciation factory insurance factory 68,000 168000 20,000 direct labour 240,000 maintenance, factory administrative expenses 120,000 280000 sales 1800000 utilities, factory supplies, factory selling expenses 108000 4000 320,000 indirect labour 260,000 work in process inventory, 28,000 beginning work in process inventory, ending 120,000 finished goods inventory, 40,000 beginning finished goods inventory, ending 160,000 Prepare a schedule of cost of goods manufactured and income statement

Q4. The following information pertains to the most recent quarter at precious production limited- Purchases of raw materials 360 000 raw material inventory beginning 40,000 raw material inventory ending depreciation factory insurance factory 68,000 168000 20,000 direct labour 240,000 maintenance, factory administrative expenses 120,000 280000 sales 1800000 utilities, factory supplies, factory selling expenses 108000 4000 320,000 indirect labour 260,000 work in process inventory, 28,000 beginning work in process inventory, ending 120,000 finished goods inventory, 40,000 beginning finished goods inventory, ending 160,000 Prepare a schedule of cost of goods manufactured and income statement

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Q4. The following information pertains to the most recent quarter at
precious production limited-
Purchases of raw materials
360 000
raw material inventory beginning 40,000
raw material inventory ending
68,000
depreciation factory
168000
insurance factory
20,000
direct labour
240,000
maintenance, factory
120,000
administrative expenses
280000
sales
1800000
utilities, factory
108000
supplies, factory
selling expenses
4000
320,000
indirect labour
work in process inventory, 28,000
beginning
260,000
work in process inventory, ending 120,000
finished
goods
inventory, 40,000
beginning
finished goods inventory, ending
160,000
Prepare a schedule of cost of goods manufactured and income
statement

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Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
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Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
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