Question 1:Beta Engineering Works Manufactures a product. The following is the information provided by themfor the year ended March 31, 2018.ParticularsAmountOpening Stock of Raw MaterialsClosing Stock of Raw Materials20,00030,000Productive WagesOpening Stock of Work in ProgressClosing Stock of Work in ProgressOpening Stock of Finished Goods (15,000 units)2,30,00050,00040,0001,20,00013,35,000Goods available for saleClosing stock of Finished GoodsProductive Wages due but not paid90,00020,0001. Factory overheads are recovered at 100% of productive wages.2. Administrative Overheads are recovered at the rate of Rs. 2/- per unit.3. The company charges selling expenses at the rate of Rs. 3/- per unit.4. The company has sold 1,40,000 units during the year out of the total stock of 1,50,000 unitsavailable for sale.5. The company maintains a profit @ 20% on sales.You are required to prepare the cost for the year ended March 31,2018.Working notes form a part of the answer. Please show working notes wherever necessary.

It is a statement that illustrates the many components of total cost for a product and displays past…

Question 1: Beta Engineering Works Manufactures a product. The following is the information provided by them for the year ended March 31, 2018. Particulars Amount Opening Stock of Raw Materials 20,000 Closing Stock of Raw Materials 30,000 Productive Wages 2,30,000 Opening Stock of Work in Drogress 50.000

Question 1: Beta Engineering Works Manufactures a product. The following is the information provided by them for the year ended March 31, 2018. Particulars Amount Opening Stock of Raw Materials 20,000 Closing Stock of Raw Materials 30,000 Productive Wages 2,30,000 Opening Stock of Work in Drogress 50.000

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
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Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased Direct labor OMR 360000 OMR 200000 Factory maintenance Power and heat- factory Direct Expenses Indirect factory labor Freight In Depreciation Factory Advertisement expenses Inventories, 1 January 2020. OMR 29000 OMR 18500 15% of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 OMR 50000 Work-in-process Finished goods OMR 75000 Purchase returns of direct materials OMR 7400 Depreciationadministrative Inventories, 31 December 2020: Material Work-in process Finished goods OMR 13800 OMR 19000 OMR 32000 3000 Units Total Production Units 35000 units Tinished goods are valued at the current unit manufacturing cost. You are required to prepare: L. Manufacturing Statement IL Calculate unit production cost.
ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000 Insurance expense-factory OMR 3000 Depreciation-factory builo OMR 6500 and equipment Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 8000 Inventories,1 January 2020: Raw Materials OMR 600Q Direct labor OMR 600on Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?
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Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
CCOUNTING Section3 Lecture (20201_020113 Courses / COST ACCOUNTING Section3 Lecture (20201 020113101 AAUP - JENIN)/ 23 February-1 Ma Time left 01740 The following infiormation pertains to a manufacturing company which uses weighted average method: Work in process, beginning direct materials $550,000 and conversion $450,000, Costs added in current period, direct materials $650,000 and conversion S750,000 cost per equivaient unit, direct materials $200 and conversion $300. Using weighted average method, the equlvalent units of materials is Oa 8000 units b.6000 units OC4500 units d.5333 units Oear my choice Next page Jump to chapter 15+15 powe point -
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