The following data is provided by Naseer Textile. Jan, 01 Rs. 88,000 29,000 54,000 Dec, 31 Rs.63,000 38,000 65,000 Inventories: Material Work in process Finished goods Additional information: Rs.5.000,000 360,000 8,000 468,000 355,000 Building- Material purchased Sales discounts Factory overheads paid Marketing and Admin Expense paid Depreciation 5% (80% manufacturing, 20% marketing & Admin) Sales Direct factory payroll Indirect factory payroll Office payroll Freight in Freight out Interest on Bond Payable Income tax 1,845,000 500,000 100,000 150,000 6,500 5,000 15,000 35% Required: Prenare income statement

The following data is provided by Naseer Textile. Jan, 01 Rs. 88,000 29,000 54,000 Dec, 31 Rs.63,000 38,000 65,000 Inventories: Material Work in process Finished goods Additional information: Rs.5.000,000 360,000 8,000 468,000 355,000 Building- Material purchased Sales discounts Factory overheads paid Marketing and Admin Expense paid Depreciation 5% (80% manufacturing, 20% marketing & Admin) Sales Direct factory payroll Indirect factory payroll Office payroll Freight in Freight out Interest on Bond Payable Income tax 1,845,000 500,000 100,000 150,000 6,500 5,000 15,000 35% Required: Prenare income statement

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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Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
I want correct solution
PROVIDE Answer with calculation
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
What is Cost of good sold?
WHAT IS THE TOTAL COST OF GOODS SOLD?
Selected data from Design Corporation for 20X6 is as follows: Inventories Materials Work in process Finished goods Beginning $34,000 135,000 110,000 Costs incurred during 20x6 are as follows: Direct materials purchased Manufacturing overhead Direct manufacturing wages Cost of goods sold is Select one: O a. $252,000 O b. $259,000 O c. $244,000 O d. $236,000 Ending $40,000 150,000 102,000 $41,000 $80,000 180% of manufacturing overhead
Direct Material, Beginning $7,000 WIP, Beginning 7,500 Finished goods, Beginning 10,000 Raw Material purchased 46,800 Selling & general expenses 6,700 Direct Material, Ending 9,000 WIP, Ending 3,500 Finished goods, Ending 12,000 Direct Labor 8,000 Factory overhead is applied at the rate of 80% of direct labor cost. You are required to calculate: i) Cost of goods manufactured ii) Cost of goods sold
Journalize the following transactions: Materials used in production, $40,000 Paid plant supervisor’s salary, $6,000 Plant depreciation, $10,000 Production labor costs incurred, $80,000 MOH is allocated at the rate of 120% of direct labor costs Cost of goods manufactured, $200,000 Revenue on account, $450,000 Cost of goods sold, $300,000 Paid advertising costs, $90,000