The information below is relating to Ibra Manufacturing Company's operations for a recent month. Item Cost Item Rent on manufacturing equipment Sales salaries OMR 2000 OMR 1000 Insurance on manufacturing building Raw materials OMR 750 R OMR 80 Advertising cost Factory repairs Depreciation on delivery trucks | Manufacturing utilities Office supplies Wages for assembly workers Repairs to office equipment Depreciation on office equipment OMR 3000 OMR 800 OMR 200 OMR 1000 OMR 800 OMR 3000 OMR 6000 OMR 650 Instructions: Prepare the period cost schedule for the month

The information below is relating to Ibra Manufacturing Company's operations for a recent month. Item Cost Item Rent on manufacturing equipment Sales salaries OMR 2000 OMR 1000 Insurance on manufacturing building Raw materials OMR 750 R OMR 80 Advertising cost Factory repairs Depreciation on delivery trucks | Manufacturing utilities Office supplies Wages for assembly workers Repairs to office equipment Depreciation on office equipment OMR 3000 OMR 800 OMR 200 OMR 1000 OMR 800 OMR 3000 OMR 6000 OMR 650 Instructions: Prepare the period cost schedule for the month

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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[The following information applies to the questions displayed below.] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. $ 49,000 32,500 20, 200 22,800 6,600 131,100 19,500 $ 150,600 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials requisitions c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 $12,100 Job 137 10, 700 Job 138 37,700 39,200 3,400 103,100 25,000 $ 128, 100 Job 139 Job 140 Total direct labor Indirect labor Total labor cost
A partial listing of costs incurred during December at Gagnier Corporation appears below: Factory Supplies Administrative wages and salaries Direct materials Sales staff salaries Factory depreciation Corporate headquarters building rent Indirect labor Marketing Direct labor 89,000 325,000 O 310,000 $8,000.00 O 399,000 $105,000.00 $153,000.00 $68,000.00 $49,000.00 $34,000.00 The total of the period costs listed above for December is: $32,000.00 $103,000.00 $83,000.00
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December
Following information for the year ended December 31, 2018 is obtained from the books and records of a factory : Completed Jobs Work-in-Progress 2$ $ Raw Materials supplied from Stores Wages Materials transferred to Work-in-Progress 1,00,000 1,00,000 2,000 1,000 34,000 40,000 2,000 Materials returned to Stores Factory Overheads are 80 per cent of Wages and Administration Overheads 25 per cent of Factory Cost. The value of the executed jobs during 2018 was $4,10,000. Prepare (i) Consolidated Completed Jobs Account showing the profit made or loss incurred on the jobs, and also (ii) Consolidated Work-in-Progress Account.
The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
Custom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.
during the current month, carla vista company incurs the following manufacturing costs. (a) purchased raw materials of $17600 on account. (b) incurred factory labor of $ 38400. (C) factory utilities of $2840 are payable, prepaid factory insurance of $2560 have expired, and depreciation on the factory building is $9200. prepare the journal entries for each type of manufacturing cost.
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Knight Company reports the following costs and expenses in May. Factory utilities $ 10,500 Direct labor $69,000 Depreciation on factory equipment 12,650 sales salaries 47,000 Depreciation on delivery trucks 4,000 Property taxes on factory building 2,000 Indirect factory labor 48,900 Repairs to office equipment 1,500 Indirect materials 80, 800 Factory repairs 2,000 Direct materials used 137,000 Advertising 15,000 Factory manager's salary 8,000 Office supplies used 2,600 Instruction: From the information, determine the total amount of: Manufacturing overhead. Product costs. Period costs.
Malone Company has the following balances for the current month: Indirect materials used $1320 Direct labor 5469 Sales salaries 11588 Indirect labor 1508 Production manager's salary 10170 Marketing costs 4286 Factory rent Direct materials used What are the total period costs? 11814 2021