Fundamental Accounting Principles -Hardcover
Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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PART 1 G-Force Woodcraft manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. G-Force expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2016. At the end of December 2018, G-Force reported work in process inventory (Job 551) of $93,000 The following events occurred during January 2019.i) Purchased materials on account, $392,000ii) Incurred manufacturing wages of $400,000iii) Requisitioned direct materials and used direct labour in manufacturing                            Direct Materials           Direct LabourJob 551                $70,200                        $61,200Job 552                $97,500                        $115,600Job 553                $105,300                      $78,200Job 554                $117,000                      $85,000iv) Issued…
Problem 17: Income Statement Mark Inc. is engaged in the business of manufacturing basket balls. The company employs actual costing system. The company uses a single account for direct and indirect materials. The company provided the follwoing date for the year ended December 31, 2016: Gross sales                                                                          9,500,000 Sales returns                                                                          500,000 Gross pirchases                                                                  1,000,000 Purchase returns, allowances and discount                     200,000 Freight in                                                                                 400,000 Total costs of factory labor                                               1,000,000 Depreciation of factory assets                                             300,000 Expired insurance on factory assets                                   100,000 Utilities…
Figure 2 Hapsburg Manufacturing purchases components produced by Little Company in the manufacture of its main product. For the next year, Hapsburg expects to use a total of 20,000 parts. Hapsburg typically orders 2,000 units at a time. The cost of placing an order is GHS100, and the average annual cost of carrying one unit of inventory is GHS5. 18. Refer to Figure 2. Hapsburg's total ordering cost is a. GHS1,000. b. GHS5,000. c. GHS10,000. d. GHS500.

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Fundamental Accounting Principles -Hardcover

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