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

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Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~