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- What are the prime costs for the year?What are the prime costs for the year?2.1 Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method. INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10. The first-in-first out method of…The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
- Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…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…Subject :- Accounting
- owe Subject - AccountingView Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.Consider the following data Required: Calculate the cost of goods manufactured
- The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending -raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.You are required to prepare: 1- Manufacturing statement 2- calculate unit Production costPrepare the Income Statement of Mary’s Manufacturers the year ended 31 December 2020 using the:1.1 Marginal costing method.1.2 Absorption costing method.