The credits entered in the Raw Materials account during year total:
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Javed Corporation shows raw material on hand at start of the year Rs. 50,000. During the year, Corporation purchased an additional Rs. 140,000 of raw materials. During the year material costing Rs. 170,000 requisitioned from the storeroom for use in production. The credits entered in the Raw Materials account during year total:
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- Agha Steel incurred the following expenditure during the year. 1. steel purchased and issued to production Rs200,000.2. issued oil, bolts, nu and screws to production Rs15,000.3. Paid electricity and maintenance of the factory Rs13,000.4. Salaries paid to 3 welders of the factory Rs30,000 each.5. Wages paid to cleaners and helpers Rs. 8,000.6. Depreciation on rolling machine to be charged Rs12,0007. Other factory over heads were Rs44,000. 8. Administrative expenses are the period were Rs38,000.9. Selling and Distribution expenses were Rs40,000. REQUIRED: a) Identify Direct Material, Direct Labour and FOH.b) Pass the necessary entries.c) Calculate following i) Prime cost ii) Manufacturing Costiii) Conversion Costiv) Production Costv) Total costThe Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash). 1) Acquired $1,800 of capital from the owners. 2) Purchased $380 of direct raw materials. 3) Used $280 of these direct raw materials in the production process. 4) Paid production workers $480 cash. 5) Paid $280 for manufacturing overhead (applied and actual overhead are the same). 6) Started and completed 260 units of inventory. 7) Sold 130 units at a price of $6 each. 8) Paid $120 for selling and administrative expenses. The amount of cost of goods manufactured would be:A company began constructing a new warehouse for its operations during the current year. In the year the company incurred interest of $20,000 on a working capital loan, and interest on a construction loan for the warehouse of $80,000. Interest computed on the average accumulated expenditures for the warehouse construction was $40,000. What amount of interest should be expensed for the year?
- A textile company bought machinery for $200,000 on the 1st of January that has an approximate 10 years of useful life and about $20, 000 estimated residential value. The asset is sold by the firm at its residential value during the end of 10th year. The expected production units of the machinery is 15,000 during the course of its useful life. The current production pattern of the machinery is: Year Production 1 -3 2,000 units per year 4 - 7 1,500 units per year 8-10 1,000 units per year Determine the Total Amount of Depreciation with the Help of the Units of Production Method. Pass the Required Entries of the Journal and Prepare the Machinery A/c. Your answer:Subject: accountingDuring its first year of operations, Corvallis Company incurred the following costs: direct materials - $15,000$15,000; production workers wages - $25,000$25,000; sales commission - $12,000$12,000; advertising - $2,500$2,500; rent on the manufacturing plant - $11,000$11,000; depreciation of plant equipment - $9,000$9,000. The company produced 12,00012,000 units and of these sold 8,0008,000. What is the average production cost per unit?
- ValaPowerpuff Girl Laundry has current assets amounting to $300,000. Noncurrent assets for the year totaled $89,000. What percentage of the laundry's total assets is current assets?With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. 1. A $7000 loan was obtained and deposited in cash. 2. Another loan was obtained for the purchase of new equipment for the amount of 5539 with 5 years of life. 3. The equipment is depreciated for the first year. 4. Direct Labor is paid for the amount of 322. 5. Packaging employees are paid for 997. 6. 200 materials were invoiced at 2 each for the inventory. 7. 150 materials were used in production. 8. The 150 units were sold at $4.00 each and they are invoiced. 9. Sales and distribution expenses for $1000 were paid.
- Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statementSiegel Company spent $14,000 on direct supplies and $19,000 on compensation for manufacturing personnel during its first year of operation. Lease and utility costs for the manufacturing plants totaled $17,000, with general, marketing, and administrative expenditures totaling $8,000. The business manufactured 5,000 devices and sold 3,000 units for $15.00 each. What was Silverman's net income in his first year of business? Answer options group 1. $7,000 2. $12,000 3. $28,000 4. $37,000A construction company entered into a fixed-price contract to build an office building for $36 million. Construction costs incurred during the first year were $9 million, and estimated costs to complete at the end of the year were $21 million. The company recognizes revenue over time according to percentage of completion. During the first year the company billed its customer $9 million, of which $6 million was collected before year-end. What would appear in the year-end balance sheet related to this contract? Note: Enter your answers in whole dollars and not in millions (i.e., $4 million should be entered as $4,000,000). > Answer is complete but not entirely correct. Balance Sheet (Partial) Assets: Accounts receivable Costs plus profit in excess of billings $ 3,000,000 $ 9,429,600 X
