Question 1: The following are related transactions of YZX manufacturing company. Particulars Amt ($) Raw materials purchase from suppliers Wages to productive workers Stock of raw material (1-1-19) Stock of raw material (31-12-19) Stock of finished goods (1-1-19) Stock of finished goods(31-12-19) Stock of work-in-process(1-1-19 Stock-of work-in-process(31-12-19) Selling expense Repair and maintenance 12,89,820 52,500 95,000 91,500 84,000 71,000 48,000 45,000 11,400 18,000 Sales to customers 32,11,000 Freight in Factory rent and power 21,000 2,15,000 Outward return 9,000 53,750 Wages to unproductive labour supplies Depreciation of plant & machinery Direct chargeable expense Sundry factory expenses Salesman's salaries & commission 24,000 31,500 21,500 1,10,000 36,500 Inward return 11,500 Discount to suppliers Office rent 10,000 22,500 Sundry office expenses Advertisement expense Carriage outward 16,500 23,500 12,500 Required: (a) Prepare Three statement (i) (ii) (iii) Cost of goods sold statement Cost sales statement Income statement

Question 1: The following are related transactions of YZX manufacturing company. Particulars Amt ($) Raw materials purchase from suppliers Wages to productive workers Stock of raw material (1-1-19) Stock of raw material (31-12-19) Stock of finished goods (1-1-19) Stock of finished goods(31-12-19) Stock of work-in-process(1-1-19 Stock-of work-in-process(31-12-19) Selling expense Repair and maintenance 12,89,820 52,500 95,000 91,500 84,000 71,000 48,000 45,000 11,400 18,000 Sales to customers 32,11,000 Freight in Factory rent and power 21,000 2,15,000 Outward return 9,000 53,750 Wages to unproductive labour supplies Depreciation of plant & machinery Direct chargeable expense Sundry factory expenses Salesman's salaries & commission 24,000 31,500 21,500 1,10,000 36,500 Inward return 11,500 Discount to suppliers Office rent 10,000 22,500 Sundry office expenses Advertisement expense Carriage outward 16,500 23,500 12,500 Required: (a) Prepare Three statement (i) (ii) (iii) Cost of goods sold statement Cost sales statement Income statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2. A manufacturing company reports cost of goods manufactured as an) a. current asset on the balance sheet. b. administrative expense on the income statement. e. component in the caleulation of cost of goods sold on the income statement. d. component of the raw materials inventory on the balance sheet.
Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold…
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. $ C. $ d. $ e. $ tA f. $ X X X X X X $1,900 13,100 (a) 2,900 (b) $15,600 (c) $182,500 38,300 (d) (e) 91,300 $99,100 (f) $83,200
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
The following T-accounts record the operations of Sunland Co.:Assume all raw materials are direct materials. Raw Materials Beginning Balance 10,546 ????? 68,542 Ending Balance 13,892 Work in Process Beginning Balance 18,168 Direct Material ????? Direct Labor 51,604 Overhead 72,026 ????? Ending Balance 23,568 Finished Goods Beginning Balance 29,548 ????? ????? Ending Balance 18,654 (a) Calculate the amount of direct materials purchased during the period. Raw materials purchased $ (b) Calculate the direct materials used in production during the period. Direct materials used in production $ (c) Calculate the total manufacturing cost for the period. Total manufacturing cost $ (d) Calculate the cost of goods manufactured for the period. Cost of goods…
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied $ 28,000 21,000 10,500 $ 40,000 14,000 7,000 137,000 101,000 220,000 151,000 $ 110,000 100,000 Finished Finished Status on April 30 In procesS (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $80000. b. Raw materials purchases in April are $520,000 and total factory payroll cost in April is $372.000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $20,000; factory rent, $34,0003; factory utilities, $22,000; and factory equipment depreciation, $56.000, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
Salary paid to workers of inspection and maintenance departments are treated as ____ by a manufacturing firm A. Direct Labour B. Indirect labour charged to manufacturing Overhead C. Selling, General and administrative cost, charged as Period cost D. Other staff expenses charged as Period cost
Time left 1:4 Which of the following represents the cost of the jobs sold during the period? a. Raw Materials Inventory Ob. Work in Process Inventory O C. None of the given answer is correct Od. Finished Goods Inventory e. Cost of Goods Sold committed C
Lutz Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system. (a) Purchased raw materials for $50,000 on account. (b) Raw materials requisitioned for production were: Direct materials Mixing department $20,000 Finishing department 14,000 (c) Incurred labor costs of $74,000. (d) Factory labor used: Mixing department $44,000 Finishing department 30,000 (e) Manufacturing overhead is applied to the product based on machine hours used in each department: Mixing department-400 machine hours at $30 per machine hour. Finishing department-500 machine hours at $20 per machine hour. in Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department. (g) Units costing $70,000 were completed in the Finishing Department and were transferred to finished goods. Finished goods costing $40,000 were sold on account for $55,000,