The following information were obtained from the records of Sunshine Enterprise for thecurrent year ended December 31:Cash19800Accounts Receivable44000Raw Materials Inventory Jan 170000Raw Materials Inventory Dec 3180000Work in Process Jan 115000Work in Process Dec 3142000Finished Goods Jan 1109900Finished Goods Dec 31155000Indirect Labor50000Direct Labor142500Factory supplies used30000Freight in9000Advertising Expense16000Sales Salaries25000Administrative Salaries41000Bad Debt Expense5000Allowance for Bad DebtsDirect Material Purchases3100137500471000SalesThe costs below are common costs incurred by various facilities to be allocated asfollows: (Hint: Costs allocated to Factory will be part of Factory Overhead)Administrative30%Factory60%60%60%60%Sales10%25%20%20%Total CostsUtilities250003500015%20%20%TaxesInsurance1000030000DepreciationRequired:1. Allocate the common costs to Factory, Sales and Administrative.2. Compute for Total Manufacturing Cost, Cost of Goods Manufactured and Cost ofGoods Sold. Compute for the Net Income after tax (if applicable )(SHOW SOLUTION).

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The following information were obtained from the records of Sunshine Enterprise for the current year ended December 31: Cash 19800 Accounts Receivable 44000 Raw Materials Inventory Jan 1 70000 Raw Materials Inventory Dec 31 80000 Work in Process Jan 1 15000 Work in Process Dec 31 42000 Finished Goods Jan 1 109900 Finished Goods Dec 31 155000 Indirect Labor 50000 Direct Labor 142500 Factory supplies used 30000 Freight in 9000 Advertising Expense 16000 Sales Salaries 25000 Administrative Salaries 41000 Bad Debt Expense 5000 Allowance for Bad Debts 3100 Direct Material Purchases Sales 137500 471000 The costs below are common costs incurred by various facilities to be allocated as follows: (Hint: Costs allocated to Factory will be part of Factory Overhead) Total Costs 25000 35000 Factory 60% Administrative 30% Sales Utilities 10% 25% 20% 20% Taxes 60% 60% 60% 15% 20% 20% Insurance 10000 Depreciation 30000 Required: 1. Allocate the common costs to Factory, Sales and Administrative. 2. Compute for Total Manufacturing Cost, Cost of Goods Manufactured and Cost of Goods Sold. Compute for the Net Income after tax (if applicable )(SHOW SOLUTION).

The following information were obtained from the records of Sunshine Enterprise for the current year ended December 31: Cash 19800 Accounts Receivable 44000 Raw Materials Inventory Jan 1 70000 Raw Materials Inventory Dec 31 80000 Work in Process Jan 1 15000 Work in Process Dec 31 42000 Finished Goods Jan 1 109900 Finished Goods Dec 31 155000 Indirect Labor 50000 Direct Labor 142500 Factory supplies used 30000 Freight in 9000 Advertising Expense 16000 Sales Salaries 25000 Administrative Salaries 41000 Bad Debt Expense 5000 Allowance for Bad Debts 3100 Direct Material Purchases Sales 137500 471000 The costs below are common costs incurred by various facilities to be allocated as follows: (Hint: Costs allocated to Factory will be part of Factory Overhead) Total Costs 25000 35000 Factory 60% Administrative 30% Sales Utilities 10% 25% 20% 20% Taxes 60% 60% 60% 15% 20% 20% Insurance 10000 Depreciation 30000 Required: 1. Allocate the common costs to Factory, Sales and Administrative. 2. Compute for Total Manufacturing Cost, Cost of Goods Manufactured and Cost of Goods Sold. Compute for the Net Income after tax (if applicable )(SHOW SOLUTION).

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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