Superman Company Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 Raw materials, 12/31/20 Raw materials purchases Work-in-process, 1/1/20 Work-in-process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory P30,000 Property taxes, factory building 20,000 Sales revenue 205,000 Delivery expenses 80,000 Sales commissions 50,000 Indirect labor 110,000 Factory machinery rent 120,000 Factory utilities 350,000 Depreciation, factory building 35,000 Administrative expenses 14,000 P6,000 1,500,000 100,000 150,000 105,000 40,000 65,000 24,000 300,000 Requirement: 1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials 2. Prepare an income statement for Superman company for 2020. 3. Assume that Superman Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020.

Superman Company Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 Raw materials, 12/31/20 Raw materials purchases Work-in-process, 1/1/20 Work-in-process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory P30,000 Property taxes, factory building 20,000 Sales revenue 205,000 Delivery expenses 80,000 Sales commissions 50,000 Indirect labor 110,000 Factory machinery rent 120,000 Factory utilities 350,000 Depreciation, factory building 35,000 Administrative expenses 14,000 P6,000 1,500,000 100,000 150,000 105,000 40,000 65,000 24,000 300,000 Requirement: 1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials 2. Prepare an income statement for Superman company for 2020. 3. Assume that Superman Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2010. Raw materials, I/1/10- Raw materials, 12/31/10- Raw materials purchases Indirect materials - $15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10 – Finished goods, 12/31/10- Direct labor - Factory manager's salary - $35,000 MO $30.000 $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 Insurance, factory $14.000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO $90,000 MO $65,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current…
Cost of Direct Materials Used in Production for a Manufacturing Company Sepulveda Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased $572,400 Materials inventory, November 1 75,700 Materials inventory, November 30 94,800 Determine the cost of direct materials used in production by Sepulveda during the month ended November 30.$fill in the blank 1
The cost of raw materials purchases for 2019 is?
The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December
Give true calculation
Question: Starr Company reports the following information for August. Raw materials purchases $76,200 production Factory wages earned on account Direct materials used in $48,000 $15,350 120% of direct labor cost (direct labor) Overhead rate Required: Prepare journal entries to record the following events. 1. Raw material purchased. 2. Direct materials used in production. 3. Direct labor used in production. 4. Applied overhead.
Prepare journal entry