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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Problem 6 The following account balances were taken from the general ledger accounts of the Ellen Corporation. January 1 60,000 85,000 120,000 December 31 80,000 110,000 90,000 330,000 Materials Work in Process Finished Goods Factory Overhead Control Applied Factory Overhead (applied at a rate of 80% of direct labor cost) 320,000 850,000 Cost of Goods Sold Requirements: 1. Journal entries to record the transactions that were entered in the above accounts for the year 2009 2. Cost of Goods Sold Statement for the year 2009. 3. Entry to close the Factory Overhead Control account and Applied Factory Overhead to Cost of Goods Sold.
Accounting The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $18,000 of direct materials.
Question 6
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May 7 Materials Issuance of Materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per un Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. Accounts Payable Feedback May 31 Work in Process Materials Check My Work May 7 Record materials at their total purchase price. Feedback ✓ 80,000 Feedback 0 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. Check My Work Partially correct 0 80,000 88 Check My Work May 31 Multiply the units transferred by their respective unit cost and total. Show Me How 2019 Coaching S 2019 RENTALS SCR... Previous > 0 Next> Email Instructor Save and Ext Submit Assignment for Grading 11:01 PM 52024
Indicate missing amount for case 1
A Maintenance Stores %24 20,000 40,670 60,670 Allocated costs (from Section 4.1) General costs (from Section 4.2.2) 15,000 78,030 93,030 12,000 22,840 34,840 5,000 13,660 18,660 Service departments' services were used as follows. Maintenance Stores Total Maintenance hours used Number of stores requisitions 5,000 3,000 4,000 1,000 1,000 10,000 5,000 1,000 Required Using the data provided prepare an analysis showing the distribution of overhead costs to departments. Reapportion service cost centre costs using the reciprocal method. Apportion the service department overhead costs using the step down method of apportionment, starting with the stores department. Calculate the total production overhead costs of Departments A and B using the direct method of reapportionment.
Beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory 45,000 55,000 Finished goods inventory 9,000 11,000 Raw materials purchased $45,000 Direct labor costs 80,000 Overhead costs 30,000 Selling and administrative costs 20,000 McClintock Manufacturing Inc. has the above information available for the month of July: Question: How much was the Cost of Goods Sold for July?
Question 23
Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity Raw F. C. Cash + M. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
Question 39