The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixed manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method

The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixed manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method

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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uols A moodle1.du.edu.om Prime cost is 236000 OMR, and cost of production for the year is 355000 OMR Opening stock of work in progress is 4000, and closing stock of Work in progress is 5000 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 358500 OMR Calculate cost of goods available for sale Select one: a. None of these O b. 395000 OMR O c. 385500 OMR O d. 378500 OMR Previous page Next page ASSIGNMENT 1 Jump to... Quiz navigation 200 1 2 3 5 6 7 8 || 9 4. II
Birect materials inventory at Beginning $9,000 Direct materials inventory at ending Work in process inventory at beginning $17,000 Work in process inventory at ending Finished goods inyentory at beginning Finished goods inventory at ending Total material purchased Depreciation for production $7,000 $31,000 $10,000 $15,000 50000 10000 direct labor costs 8000 5000 rent expense : The cost of goods manufactured for the year was
The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 Draft the income statement for the year ended 31 July 2022 using the Marginal Costing method
Prime cost is 236000 OMR, and cost of production for the year is 298420 OMR Opening stock of work in progress is 12000, and closing stock of Work in progress is 13500 OMR, Opening stock of finished goods is 20000, and closing stock of finished goods is 13750 OMR, Cost of goods manufactured 958000 OMR Calculate cost of goods available for sale Select one: a. 978000 OMR b. 998600 OMR c. None of these d. 999000 OMR
The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT: DIRECT MINERALS R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST: FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Calculate the unit product cost for the month under Absorption Costing
Manji
The following information relates to the only product made by Mario Traders for the year ended 31 July 2022:Opening inventory 0Number of units manufactured 945 000Number of units sold (at R310 per unit) 756 000Direct materials cost per unit R94Direct labour cost per unit R123Variable manufacturing overheads cost per unit R92Variable selling expenses per unit R22Fixed manufacturing overheads cost R18 900 000Fixed selling and administrative expenses R15 750 000 1. Draft the income statement for the year ended 31 July 2022 using the Absorption costing method
The following is an extract of records of the manufacturing concern ABC Ltd, who has approached you for assistance. Inventory on 1 January 2018: Finished product R12000 WIP R20000 Direct Materials R35000 Inventory on 31 December 2018: Finished product R12000 WIP R20000 Direct Materials R24250 Sales = R310’000 Direct Material purchases = R17’000 Freight on Direct Material = R1250 Direct labour for the year was R29’000 The following overheads were incurred for the period: Rent = R22000 Indirect Labour = R9500 Indirect Materials = R7500 Water and Lights = R8000 Telephone = R5000 A total of 50% of the overheads was used in the production facility. Required: Calculate Costs of goods manufactured R90 000 R88 000 R84 000 R80 000 None of the above
According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 255600 Opening stock of WIP 43800 Opening stock of FG 24000 Closing stock of WIP 19400 Closing stock of FG 940 units Total production units 5600 Select one: a. 263000 b. 257000 c. 293000 d. 295800