YouTube x> Araf Intiঢাকা থে xfree masWorld M XVirtual1O Cashbac XM Inbox (6 xMy Que XPDE Final AsO FileG:/Users/amjoy/Downloads/Documents/Final%20Assessment%20ACC%20803%20Fall%202021....15:04 Now playing. N Add New Post « My. O Payoneer $25 Bonu.O Payoneer | Get Paid.9 Landing Pages ASHIK MAHMUD - .O Customize>Other favoritesfifa 2018 torrent+(D Page viewA Read aloud(T) Add textV Draw9 HighlightO Eraseof 2Supplies, factoryDepreciation of factory equipmentAdvertisement Expenses1,70018,00040,000Prepare a cost of goods sold statement for the year 2019 and Income Statement for the year ended2019.2.(a) Briefly explain the advantage and disadvantages of LIFO Costing Method.3(b) Jamuna Engineering Works collect its cost data by the job order cost accumulation procedure.For job 124, the following data are available:Direct materialsTk.Direct LaborWeek of Sept 16-21 90 hours @ Tk.250/ hourWeek of Sept 22-28 75 hours @ Tk.280/ hour14/09/201517,00021,00027,00020/09/201526/09/2015Factory overhead is applied at the rate of Tk. 120 per direct labor hour.(i) Enter the appropriate information on a Job Order Cost Sheet.(ii) Determine the sales price of the job, assuming that is was contracted with a markup of25% of the cost.3.(a) What do you mean by inventory carrying cost and ordering cost? Explain with examples.2(b) Mr. Mahmud operates a cosmetics shop at Dhanmondi. The annual demand for soap is 2,500units. The setup cost is Tk.15 per order. The material cost per unit Tk.3 and the holding cost10% of average inventory.a) What is the optimum number of units per order? (Use EOQ formula)b) What is the expected number of orders per year if management considers thefollowings units for order placement: 100 units, 250 units, 500 units and 1250 units?(Use comparative tabular format)6. YouTube x> Araf ntiঢাকা থে xfree masWorld M XVirtual1O Cashbac XM Inbox (6 xMy Que XPDE Final AsO FileG:/Users/amjoy/Downloads/Documents/Final%20Assessment%20ACC%20803%20Fall%202021....15:04 Now playing. N Add New Post « My. O Payoneer $25 Bonu.O Payoneer | Get Paid.O Landing PagesO ASHIK MAHMUD - .O Customize>Other favoritesfifa 2018 torrent(D Page viewA Read aloudT Add textV Draw- HighlightO Eraseof 2Tost Accounung ACC OUSFall-2021The following information has been taken from the records of Sigma Manufacturing Ltd. for theyear of 2019:1.AmountCost incurred:_(Tk.)BeginningEndingAmountAmount|(Tk.)22,000Sales250,000 Inventories:(Tk.)10,000Direct labor cost90,000 Raw materials100,000 Work in process80,000 Finished goods56,300Materials Purchase5,00020,000Rent, factory building40,00025,000Indirect laborSales commission8,000Utilities, factoryMaintenance, factory equipmentSupplies, factoryDepreciation of factory equipmentAdvertisement Expenses9,00019,0001,70018,00040,000Prepare a cost of goods sold statement for the year 2019 and Income Statement for the year ended2019.2.(a) Briefly explain the advantage and disadvantages of LIFO Costing Method.3(b) Jamuna Engineering Works collect its cost data by the job order cost accumulation procedure.For job 124, the following data are available:Direct materialsTk.Direct Labor14/09/2015Week of Sept 16-21 90 hours @ Tk.250/ hourWeek of Sent 22-28 75 hours @ Tk 280/ hour.17,000STOC/60/0721.000

The answer is stated below: Note: Answering the first question as there are multiple…

Answered: Supplies, factory Depreciation of…

Supplies, factory Depreciation of factory equipment Advertisement Expenses 18,000 40,000 Prepare a cost of goods sold statement for the year 2019 and Income Statement for the year ended 2019.

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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Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…
Calculate other expense income: Income Statement May 31, 2021 May 31, 2020 May 31, 2019 REVENUE $ 83,959 $ 69,217 $ 69,693 OPERATING EXPENSES: Salaries and employee benefits 30,173 25,031 24,776 Purchased transportation 21,674 17,466 16,654 Rentals and landing fees 4,155 3,712 3,360 Depreciation and amortization 3,793 3,615 3,353 Fuel 2,882 3,156 3,889 Maintenance and repairs 3,328 2,893 2,834 Business realignment costs 116 320 Goodwill and other asset impairment charges 435 Other 11,981 10,492 10,041 OPERATING EXPENSES 78,102 66,800 65,227 OPERATING INCOME 5,857 2,417 4,466 OTHER (EXPENSE) INCOME: Interest expense (793) (672) (588) Interest income 52 55 59 Other retirement plans income (expense) 1,983 (122) (3,251) Loss on debt extinguishment (393) Other, net (32) (9) (31) OTHER (EXPENSE) INCOME 817 (748) (3,811) INCOME BEFORE INCOME TAXES 6,674 1,669 655 PROVISION FOR INCOME TAXES 1,443 383 115 NET INCOME $…
Luca Company over applied manufacturing overhead during 2022. Which one of the following is part of the year-end entry to dispose of the over-applied amount assuming the amount is material? a decrease to Applied Overhead an increase to Finished Goods Inventory a decrease to Work in Process Inventory an increase to Cost of Goods Sold
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5. The following information is available for Riqio Manufacturing Company. January 1, 2020 2020 December 31,2020 Raw materials inventory Work in process inventory $21,000 $30,000 18,500 17,200 Finished goods inventory 27,000 31,000 Materials purchased $170,000 Direct labor $200,000 Manufacturing overhead $180,000 Sales 900,000 Required: (a) Show the presentation of the ending inventories on the December 31, 2020 balance sheet. (b) How would the Balance sheet of a merchandising company be different from Riqqio's financial statements?
ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased OMR 125000 Purchase returns of raw materials OMR 5000 Factory maintenance OMR 3500 Salary of office staff OMR 22400 Power and heat-factory OMR 5000O Insurance expense-factory OMR 3000 Depreciation-factory building and equipment OMR 650O Purchase Expenses on raw material OMR 2000 Insurance expense-Office OMR 800O Inventories, 1 January 2020: Raw Materials OMR 600O Direct labor OMR 60000 Direct Expenses OMR 4000 Inventories, 31 December 2020: Raw Material OMR 8000 What is the Production Cost (Cost of production) for ABC Company?
SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $
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Required Information [The following information applies to the questions displayed below.] The following calendar year-end Information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. $ 33,400 DIrect labor 8,100 Incone taxes expense 9,900 Indirect labor Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplles used Factory utilities Inventories $ 677,480| 246,9e0 58, 200| 11,eee 66,eee| 935,e00 23,00e| 28,900 81,6ee| 37,eee 4,565,00e| 398,700 34, 200 Miscellaneous production costs 114,600 Ofice salaries expense 9,800 Raw materials purchases 41, e00 Rent expense-Office space Rent expense-Selling space 156,400 Rent expense-Factory building 189, e00 16,500 19,e00 Sales salaries expense 165, 500 142, 200 Raw materials, December 31, 2018 Raw materials, Decenber 31, 2019 Maintenance expense-Factory equipnent Sales Work in process,…
Manufacturing Overhead Debit Credit 3,380 50,880 15,780 37,320 5,600
Current Attempt in Progress Vaughn Inc's accounting records reflect the following inventories: Raw materials inventory Work in process Inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 O $1466000 O $1450000 $1387000 O $1434000 103000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?
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