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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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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Q1. Presented below account balances of One Company at December31, 2007 Inventories january1 Inventories December 31 raw materials 300,000 Purchases of raw material 4,000,000 machine Depreciation Heat, light (factory70%, General office 30%) 600,000 Selling and administrative salaries 300,000 work in process 400,000 work in process 200,000 raw materials 550,000 purchase return 200,000 direct labor 900,000 Transportation- in 100,000 650,000 300,000 indirect labor Instructions: Prepare for the year ended 31/12/2007 1. manufacture account 2. schedule of cost of goods manufactured
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?
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Question 38?
20. Modern Manufacturing shows cost of goods sold for the month of March was 180,000. The finished goods inventory was 30,000 on March 1 and 35,000 on March 31. Beginning and ending inventory work in process inventories were 40,000 and 50,000 respectively. What was the cost of goods manufactured during March? A. 180,000 B. 195,000 C. 175,000 D. 185,000
A-6
The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................
X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above