Shades of the Caribbean design and manufacture sun-glasses for the tourism sector. The accounting records of the business reflect the following data at June 30, 2018: Inventory 1/7/2017 30/6/2018 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $358,000 $213,000 Finished Goods $975,400 $585,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment To Utilities 1 Production Supervisor's Salary Hiring of Specialized Manufacturing Equipment Insurance on Plant & Equipment Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes ² Administrative Wages & Salaries Advertising Expenses $5,675,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 68,000 112,000 189,000 53,850 240,000 850,750 1% of Sales Revenue 1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: Determine the prime cost & conversion cost of the product manufactured.

Shades of the Caribbean design and manufacture sun-glasses for the tourism sector. The accounting records of the business reflect the following data at June 30, 2018: Inventory 1/7/2017 30/6/2018 Raw Materials $230,000 $260,000 Factory Supplies $35,000 $24,000 Work in Progress $358,000 $213,000 Finished Goods $975,400 $585,000 Other information: Sales Revenue Factory Supplies Purchased Direct Factory Labor Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment To Utilities 1 Production Supervisor's Salary Hiring of Specialized Manufacturing Equipment Insurance on Plant & Equipment Delivery Vehicle Drivers' Wages Depreciation: Delivery Vehicle Property Taxes ² Administrative Wages & Salaries Advertising Expenses $5,675,000 64,000 792,000 560,000 37,000 186,000 481,250 450,000 68,000 112,000 189,000 53,850 240,000 850,750 1% of Sales Revenue 1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs. 2 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs Required: Determine the prime cost & conversion cost of the product manufactured.

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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