Trial Balance as at 31 December 2022 of Kamagong Enterprise. Inventory of raw materials 01/01/2022 Inventory of finished goods 01/01/2022 Work in progress 01/01/2022 Wages (direct P180, 000; factory indirect P145, 000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost P280,000) Administration computers (cost P20,000) General factory expenses Lighting Factory power Administration salaries Sales reps' salaries Commission on sales Rent Insurance General administration expenses Bank charges Discounts allowed Carriage outwards Sales Trade receivables and trade payables Bank Cash Drawings Capital as at 01/01/2022 Debit . 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 142,300 16,800 1,500 60,000 1,421,800 Notes at 31/12/2022: Inventory of raw materials P 24,000; inventory of finished goods P 40,000; work in progress P 15,000. Lighting, rent, and insurance are to be apportioned: factory 5/6, administration 1/6. . Depreciation on productive and administration computers at 10 per cent per annum on cost. Credit 1,000,000 64,000 357,800 1,421,800

Trial Balance as at 31 December 2022 of Kamagong Enterprise. Inventory of raw materials 01/01/2022 Inventory of finished goods 01/01/2022 Work in progress 01/01/2022 Wages (direct P180, 000; factory indirect P145, 000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost P280,000) Administration computers (cost P20,000) General factory expenses Lighting Factory power Administration salaries Sales reps' salaries Commission on sales Rent Insurance General administration expenses Bank charges Discounts allowed Carriage outwards Sales Trade receivables and trade payables Bank Cash Drawings Capital as at 01/01/2022 Debit . 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 142,300 16,800 1,500 60,000 1,421,800 Notes at 31/12/2022: Inventory of raw materials P 24,000; inventory of finished goods P 40,000; work in progress P 15,000. Lighting, rent, and insurance are to be apportioned: factory 5/6, administration 1/6. . Depreciation on productive and administration computers at 10 per cent per annum on cost. Credit 1,000,000 64,000 357,800 1,421,800

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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Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,820. b. Incurred manufacturing wages of $10,600, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $19,430. d. Used in production: direct materials, $8,070; indirect materials $3,800. e. Recorded manufacturing overhead: depreciation on plant, $14,140; plant insurance (previously paid), $1,410; plant property tax, $3,900 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,650. h. Sold inventory on account, $26,780; cost of goods sold, $12,620. i. Adjusted for overallocated or underallocated overhead.
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Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
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ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,610. b. Incurred manufacturing wages of $10,900, of which 70% was for direct labor and 30% of which was for indirect labor. c. Purchased raw materials on account, $18,040. d. Used in production: direct materials, $7,970; indirect materials $3,630. e. Recorded manufacturing overhead: depreciation on plant, $14,190; plant insurance (previously paid), $1,440; plant property tax, $3,650 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,580. h. Sold inventory on account, $25,980; cost of goods sold, $12,650. i. Adjusted for overallocated or underallocated overhead.
Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.
Journalize the following transactions for Becah's Bakery:Becah's Bakery a. Incurred and paid Website expenses, $2,790. b. Incurred manufacturing wages of $10,600, of which 60% was for direct labor and 40% of which was for indirect labor. c. Purchased raw materials on account, $18,370. d. Used in production: direct materials, $8,040; indirect materials $3,650. e. Recorded manufacturing overhead: depreciation on plant, $14,410; plant insurance (previously paid), $1,370; plant property tax, $3,750 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $36,960. h. Sold inventory on account, $25,690; cost of goods sold, $11,380. i. Adjusted for overallocated or underallocated overhead. Journal Date Description Debit Credit a. a. b. b. b. c. c. d. d. d. e. e.…
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Journalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid Website expenses, $2,650. b. Incurred manufacturing wages of $9,800, of which 80% was for direct labor and 20% of which was for indirect labor. c. Purchased raw materials on account, $18,930. d. Used in production: direct materials, $7,980; indirect materials $3,600. e. Recorded manufacturing overhead: depreciation on plant, $14,740; plant insurance (previously paid), $1,430; plant property tax, $3,630 (credit Property Tax Payable). f. Allocated manufacturing overhead to jobs, 230% of direct labor costs. g. Completed production on jobs with costs of $35,980. h. Sold inventory on account, $25,110; cost of goods sold, $12,240. i. Adjusted for overallocated or underallocated overhead.