VIDESheet, Tenders and QuotationsCost6. Calculate Prime Cost: Factory Expenses-Rs. 10,000; Selling Expenses-Rs. 5,000;Direct Material - Rs. 20,000; Office overhead - Rs. 7,000; Direct Labour -Rs. 15,000 and Direct Expenses - Rs. 3,000.Hints: Ignore Selling Expenses, Factory Expenses and office overhead7. Ascertain the prime cost from the following:Direct wagesChargeable expensesOpening stock of raw materialsRaw materials bought during the periodClosing stock of raw materialsCarriage inwardsCarriage outwardsRaw materials returned to supplierHint: Ignore carriage outwards.8. Calculate works cost:Factory expensesOffice expensesSelling expensesMaterial consumed[Madras, B.Com(PZSA) Nov. 2008][Ans: Primecost Rs.: 38,000]Office stationeryFactory lightingWorks Manager's SalaryIndirect MaterialsAudit feeForeman's SalaryShot on Y15Vivo Ai cameraaudit feesRs.7003009003,400Hint: Ignore office and selling expenses.9. Find out the amount of production overhead:Rs.50,0005,00010,00060,00020,0001,5002,0001,5002.47[Osmania, B.Com. April 1995][Ans: Prime cost : Rs. 1,05,000][Madras, B.Com. (PZSA) April 2006][Ans: Rs. 4,100]Rs.5,00010,00022,0009,00013.00013,000[Ans: Rs. 54,000

The prime costs include the total direct costs incurred for the production. Prime cost = Direct…

Rs. 15,000 and Direct Expenses - Rs. 3,000. Direct wages Chargeable expenses Opening stock of raw materials 7,000; Direct Labour [Madras, B.Com(PZSA) Nov. 2008] (Ans: Primecost Rs.: 38,000] nts: Ignore Selling Expenses, Factory Expenses and office overhead 7. Ascertain the prime cost from the following: Raw materials bought during the period Closing stock of raw materials Carriage inwards Carriage outwards Raw materials returned to supplier Rs. 50,000 5,000 10,000 60,000 20,000 1,500 2,000 1,500 [Osmania, B.Com. April 1995] [Ans: Prime cost: Rs. 1,05,000]

Rs. 15,000 and Direct Expenses - Rs. 3,000. Direct wages Chargeable expenses Opening stock of raw materials 7,000; Direct Labour [Madras, B.Com(PZSA) Nov. 2008] (Ans: Primecost Rs.: 38,000] nts: Ignore Selling Expenses, Factory Expenses and office overhead 7. Ascertain the prime cost from the following: Raw materials bought during the period Closing stock of raw materials Carriage inwards Carriage outwards Raw materials returned to supplier Rs. 50,000 5,000 10,000 60,000 20,000 1,500 2,000 1,500 [Osmania, B.Com. April 1995] [Ans: Prime cost: Rs. 1,05,000]

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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points) Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 Factory Wages 575,000 190,000 $ 575,000 Manufacturing Overhead 95,000 5,000 5,700 45,000 Work in Process Inv. 3,300 185,000 530,000 5,700 24,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11
Disregard the writing. Can you prepare the manufacturing account for the year 31 January 2014 showing the prime cost and cost of production.
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Deliveries to the retailers Sh.so 2,400,000 Set-up costs 6,000,000 Purchase order costs 3,600,000 Total overheads 12,000,000 All director labor is paid at $ 5 per hour. The company holds no inventories. Required: a. Calculate the total profit on each of General Motor's three types of products using each of the following methods: 1. The existing method based upon labor hours 2. Activity based costing
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Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…
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