The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:DebitBeginning BalanceDebitBeginning BalanceDebitBeginning BalanceDebitDebitDebitRaw Materials5,2505,450Work in Process4,3506,4508,7508,550Finished Goods2,45022,450Manu cturing Overhead3,0503,7503,450Cost of Goods SoldCredit20,650CreditCreditWages & Salaries PayableCredit20,650 Beginning BalanceCreditCredit9,50022,45020,6508,5502,75012,500 The manufacturing overhead was:OOOO$3,450 underapplied$1,700 underapplied$3,450 overapplied$1,700 overapplied

Manufacturing Overhead :— It is the total indirect manufacturing cost incurred during the period.…

Answered: The following partially completed…

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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Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.
Estimated balance data as of April 30, 2016 from CV "PATRICIA INDUSTRI" are as follows: Supply April 1, 2016 Rp. 4,300,000,- Raw material Product In Process Rp. 40,500,000,- Finished product Rp. 39,800,000,- Raw Material Purchase Rp. 28.500.000,- Rp. 1.200.000,- Purchase of Auxiliary Materials Purchase returns of raw materials Discounts on Rp. 100,000,- purchases of raw materials Direct wages Rp. 600,000,- Rp. 16,000,000,- Foreman salary cost Rp. 2.500.000,- Machine repair and maintenance costs Rp. 2.000.000,- Machine depreciation costs Rp. 3.700.000,- Factory insurance cost Rp. 2,200,000,- Electricity, water and factory telephone costs Rp. 3,000,000,- Miscellaneous indirect production costs Rp. 1,100,000,- Marketing costs Rp. 2.000.000,- Administration and general fee Rp. 3,000,000,- Additional information as of April 30, 2016: 1. The building rental fee that still has to be paid is Rp. 6,000,000,- where 50% for factories, 30% for shops and 20% for offices. 2. The cost of factory…
Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases. Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000. 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,00
The following information relates to Wal-Mart Corporation for the past accounting period: Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________1. What amount will be allocated by S1 to S2 under direct method? __________2. What amount will be allocated by S2 to P2 under direct method? __________3. How much is the total overhead costs in P3 after the allocation under direct method? __________4. Under the step method which department will allocate its direct cost first? __________5. Under the step method which department will allocate its direct cost last? __________6. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________7. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________8. What is the total cost to be allocated by the…
The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
The following information relates to Wal-Mart Corporation for the past accounting period Cost           Direct Center        Cost                                 Proportion of Services used by: S1           S2           S3           P1           P2           P3 S1           P120,000 .10          .30          .25          .20          .15 S2              80,000               .20 .40          .20          .20 S3               45,000 .60          .35          .05 P1               78,000 P2               99,000 P3               45,000 ____28. Using the algebraic method, how much is the total costs to be allocated by                                   S1 to all departments? __________29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the…
The following information relates to Wal-Mart Corporation for the past accounting period Cost           Direct Center        Cost                                 Proportion of Services used by:                                                 S1           S2           S3           P1           P2           P3 S1           P120,000                              .10          .30          .25          .20          .15 S2              80,000               .20                                          .40          .20          .20 S3               45,000                                                               .60          .35          .05 P1               78,000 P2               99,000 P3               45,000 __________25. How much is the total overhead costs in P3 after the allocation under direct method?
The following information relates to Wal-Mart Corporation for the past accounting period Cost           Direct Center        Cost                                 Proportion of Services used by:                                                 S1           S2           S3           P1           P2           P3 S1           P120,000                              .10          .30          .25          .20          .15 S2              80,000               .20                                          .40          .20          .20 S3               45,000                                                               .60          .35          .05 P1               78,000 P2               99,000 P3               45,000 __________29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the servicing departments to producing departments?
The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________24. What amount will be allocated by S2 to P2 under direct method?
3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000

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