Rs. Rs. 38, 100 Indirect Labor 9, 420 Sales 30, 000 Sales Retums 35, 725 Purchases of Material 19. 430 Carriage on Purchases 600, 000 Purchases Returns 40, 500 Purchases Discount 200, 000 Direct Labor Particular Particular 18, 400 496, 000 16, 000 48, 000 5,000 Cash at Bank Acc Receivables (net) Dir Material Inv - April 1 Work-in-process April 1 Fin Goods Inv Machine-Factory Salary Expense Machine-Office Acc Dep - Office machine Salary Payable Indirect Material April 1 3, 000 1, 500 86, 450 200, 000 75, 000 143, 700 Electricity 15. 500 Rent 25, 600 Depreciation (machine) 45. 000 The inventeries a at March 31, 2018 are as fellows: Direct Material Inventory Rs. 6, 300 - Work-in-process Inventory Ra. 31, 800 Note: Use the following ratio to calculate "Electricity. Rent. and Depteciationu expense Ratins: Factory: Office 4:3 Reqnired- Prepare the following statementa a Cost of Goods Manufactuted Statement b Income Statement Finished goods Inventory 38, 180

Rs. Rs. 38, 100 Indirect Labor 9, 420 Sales 30, 000 Sales Retums 35, 725 Purchases of Material 19. 430 Carriage on Purchases 600, 000 Purchases Returns 40, 500 Purchases Discount 200, 000 Direct Labor Particular Particular 18, 400 496, 000 16, 000 48, 000 5,000 Cash at Bank Acc Receivables (net) Dir Material Inv - April 1 Work-in-process April 1 Fin Goods Inv Machine-Factory Salary Expense Machine-Office Acc Dep - Office machine Salary Payable Indirect Material April 1 3, 000 1, 500 86, 450 200, 000 75, 000 143, 700 Electricity 15. 500 Rent 25, 600 Depreciation (machine) 45. 000 The inventeries a at March 31, 2018 are as fellows: Direct Material Inventory Rs. 6, 300 - Work-in-process Inventory Ra. 31, 800 Note: Use the following ratio to calculate "Electricity. Rent. and Depteciationu expense Ratins: Factory: Office 4:3 Reqnired- Prepare the following statementa a Cost of Goods Manufactuted Statement b Income Statement Finished goods Inventory 38, 180

Name: Rs.18, 400496, 00016, 00048, 0003. 0003, 0001, 500ParticularRs.Partic
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Description: Rs.18, 400496, 00016, 00048, 0003. 0003, 0001, 500ParticularRs.Particular38, 100 Indirect Labor9, 420 Sales30, 000 Sales Returms35, 725 Purchases of Material19, 430 Carriage on Purchases600, 000 Purchases Returns40, 500 Purchases Discount200, 000 Di

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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Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
Materials... $22,500 $23,200 $19,600 Cost ast Labor 7,200 14,500 11,800 ******* Factory overhead. 10,800 14,500 8,850 Direct $40,500 $52,200 $40,250 Conve Required: 1. Prepare a cost of production summary for each department for January, using the weighted average cost method. 2. Total c Prepare the journal entries to record the January transactions. 3. Prepare a statement of cost of goods manufactured for the month ended January 31. For costs same of e Cost of completed units and ending inventory Green Products Inc. cans peas and uses the weighted average cost method. For the month of November, the company showed the following: P6-5 L01 Step 5: C Peas completed and canned 245,000 lb Finally, we Peas in process at the end of November 100% complete as to peas, 50% complete as to labor and overhead, 0% complete as incurred or to cans 16,500 lb Cost data First, we ne Peas $.10 per equivalent pound costs incur Labor... $.25 per equivalent pound and ending Overhead S.15 per equivalent pound…
For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Rent Totals Budget Snowmobile $ 20,590 11,500 ATV $ 28,600 Snowmobile $ 20,520 Actual ATV $ 30,030 11,870 22,450 5,500 5,500 21,600 5,400 6,300 4,510 1,010 470 6,800 650 7,400 4,270 440 6,400 $ 49,270 $ 65,560 $ 49,000 1,070 610 7,400 $ 67,060 s Exercise 22-1 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the snowmobile department. Note: Under budget amounts should be indicated by a minus sign. Responsibility Accounting Performance Report Manager, Snowmobile Department For Year Ended December 31 Totals Controllable Costs Budgeted Actual Over (Under) Budget
On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
Question 4₁ From the information given below, calculate the prime cost, production overhead costs and total production costs per month. Details work 1. Production manager's salary 2. Wages of employees (60% is direct labour) 3. Production royalties: RM3 per unit 4. Transport costs on raw materials purchased 5. Rental of computer system for production control 6. Depreciation: Plant and Machinery 7. Bank Interest on financing 8. Salesmen's salaries and commission 9. Travelling expenses 10. Other factory indirect expenses 11. Salary of store clerks RM 3,000 10,000 3,000 1,000 10,000 15,000 1,000 10,000 2,000 10,000 5,000
Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor 4/3 1 88,000 Hours Machine 4/3 1 76,000 Hours Direct Labor $8 $12 $6 Cost No. of 3 7 20 30 production run No. of 3 20 32 Deliveries No. of 15 35 220 270 Receipts (2*7) No. of 15 10 25 50 production orders Production 30,000 20,000 8,000 and sales units Raw material 11 usage units The total overhead costs is $18,48,000. Set-up 1.623377%, Machines 41.125541%, Receiving 23.538961%, Packing 13.528139% and Engineering 20.183983% of total overhead costs. The company operates a just-in-time inventory policy, and receives each component once per production per run. In the past the company has allocated overheads to products on the basis of direct labor hours. However, the majority of overheads are more closely related to machine hours than direct labor hours. The company has recently redesigned its cost system by recovering overheads using two volume-related bases: machine hours and materials…
20 EXERCISES Soved Prepare jourmal entries to record the following production activities for Hotwax. 1. Incurred $145,000 of direct labor in its Mixing department and $70,000 of direct labor in its Shapi Wages Payable). 2 Incured indirect labor of $11,500 (credit Factory Wages Payable). 3. Total factory payroll of $226,500 was paid in cash. View transaction list Journal entry worksheet 1 Record direct labor used, but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit Work in process inventory-Shaping 70,000 Work in process inventory-Mixing < Prev 6 of 8 Next search 0 門

Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
were ROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory Finished goods inventory Accounts payable Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The productilon department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.